On August 2, the U.S. Senate passed, by unanimous consent, the “Homebuyers Privacy Protection Act,” which would amend the FCRA to prohibit so-called “trigger leads” related to residential mortgage loans. If signed into law, the bill would prevent consumer reporting agencies (CRAs) from furnishing consumer reports to any person unless the transaction consists of a “firm offer of credit or insurance” and the recipient certifies it has received the consumer’s authorization to obtain the consumer report. The bill would exempt certain other parties from the restriction, including the originator and current servicer of the existing residential mortgage loan, or any insured depository institution or credit union holding a current account for the consumer. Finally, the bill would mandate the Comptroller General to conduct a study on the value of trigger leads received by text message, with a report to Congress due within one year of enactment.

As previously covered by InfoBytes, the Senate passed its own version of the bill but ultimately voted to send the House’s version to the president’s desk. If signed, the bill will take effect 180 days after enactment.