The U.S. Senate unanimously passed the Homebuyers Privacy Protection Act, targeting the unethical use of trigger leads in the mortgage industry. This bipartisan legislation mandates that mortgage offers cannot be made without explicit consumer consent, ensuring stronger privacy protections. Following the Senate's action, a similar bill is pending in the House, which includes a study on the implications of text message trigger leads. Despite support from trade groups, some industry lobbyists argue it may restrict consumer choices in seeking competitive mortgage deals.
The bipartisan Homebuyers Privacy Protection Act aims to restrict the use of trigger leads, requiring explicit consumer consent for mortgage offers.
The bill prohibits unsolicited credit offers from companies, enhancing consumer protection and addressing concerns from mortgage trade groups.
Critics, mainly from the credit reporting industry, caution that limiting trigger leads might restrict consumer choices in shopping for mortgage offers.
The Senate's unanimous approval demonstrates strong bipartisan support for consumer privacy in mortgage transactions, with expectations of a finalized rule by 2025.
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