Many financial services trade organizations celebrated the long-awaited enactment of H.R. 2808, the Homebuyers Privacy Protection Act, on Sept. 5. The measure will ban “trigger leads,” which derive from credit reporting agencies selling consumers’ contact information when they apply for a residential mortgage.
The bipartisan legislation, introduced by Reps. John Rose (R-Tenn.) and Ritchie Torres (D-N.Y.) and Sens. Jack Reed (D-R.I.) and Bill Hagerty (R-Tenn.), passed the House in June and the Senate in August with virtually no objection.
Specifically, the measure will amend the Fair Credit Reporting Act to “prevent consumer reporting agencies from furnishing consumer reports under certain circumstances, and for other purposes,” according to the bill’s text.
A key amendment was added prior to the bill’s passage in the House to address the use of digital marketing messages to solicit consumers identified through trigger leads. It stipulates that the Government Accountability Office must commission a study on the value of trigger leads received via text message, the findings of which will need to be reported within a year of the bill’s enactment, which is scheduled for March 5, 2026.
Proposals to prohibit trigger leads, which often result in mortgage applicants being bombarded with solicitations from service providers, have received strong support from industry trade groups and consumer advocates for at least half a decade. The first piece of legislation was introduced in 2020 by former Rep. Lacy Clay (D-Mo.), but it took several subsequent attempts for a bill proposing such a ban to gain traction in Congress.
Mortgage Bankers Association President and CEO Bob Broeksmit released a statement welcoming the bill’s signing by President Donald Trump while also indicating his organization’s eagerness to work with the administration and lawmakers throughout its implementation.
“This new law is a major victory for mortgage borrowers that will protect them from the barrage of unwanted calls, texts, and emails they too often received immediately after applying for a mortgage,” Broeksmit said. “It will create a more efficient, responsible, and respectful home buying process when it goes into effect on March 5, 2026. We celebrate President Donald Trump signing this important bill into law and will work with our members and federal agencies to ensure a seamless transition over the next six months.”
The Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey commended the bill’s sponsors and reiterated her organization’s long-standing advocacy for its underlying mission.
“We look forward to the implementation of this important bipartisan law, which will give consumers more control over their private financial information and shield them from unwanted solicitations,” Romero Rainey said in a press release.