Nashville, Tenn., Thursday, December 14 – The Tennessee Bankers Association (TBA) is expressing its full support for Sen. Bill Hagerty’s (R-TN) and Senator Jack Reed’s (D-RI) “Homebuyers Privacy Protection Act” and Rep. John Rose’s (R-TN) and Rep. Ritchie Torres’ (D-NY) “Protecting Consumers from Abusive Mortgage Leads Act.” These crucial pieces of bipartisan legislation aim to curb the sale of “trigger leads” in the mortgage lending process, safeguarding consumer privacy and financial security.
“Trigger leads,” a term unfamiliar to many, become a significant concern when a consumer applies for a mortgage loan. The credit bureaus, upon receiving this information, compile and sell it as leads to various entities. This practice not only invades consumers’ privacy but also exposes them to potentially predatory lending practices.
Colin Barrett, president and CEO of TBA, emphasizes the importance of these Acts: “The unregulated sale of trigger leads not only inundates consumers with unsolicited communication but also poses a serious risk to their privacy and financial well-being. It is not uncommon for a bank customer to get 75 emails, texts and phone calls within 24 hours of applying for a mortgage. It’s time to put consumer protection at the forefront.”
The Tennessee Bankers Association urges all stakeholders, including policymakers, industry leaders, and consumers, to support the passage of these pivotal bills. Rep. John Rose and Sen. Bill Hagerty’s legislative efforts will help ensure that the process of obtaining a mortgage remains transparent, secure from unsolicited and potentially deceptive offers, and in the best interest of the consumer.
About The Tennessee Bankers Association
The Tennessee Bankers Association is a not-for-profit organization representing all of Tennessee’s commercial banks and thrift institutions. The Association provides continuing education, develops and monitors state and federal legislative agendas, disseminates information on all facets of the financial services industry, and promotes the public image of financial institutions. For more, visit www.TNBankers.org.