H.R. 2808: Homebuyers Privacy Protection Act
This bill, known as the Homebuyers Privacy Protection Act, aims to amend the Fair Credit Reporting Act to enhance consumer privacy protections in the context of residential mortgage loans. Here are the key provisions of the bill:
1. Prescreening Report Requests
The bill introduces specific limitations on how consumer reporting agencies handle requests for consumer reports related to residential mortgage loans. It specifies that:
- If someone requests a consumer report for a residential mortgage loan, the agency cannot provide that report to another entity based solely on this request unless certain conditions are met.
- The transaction must involve a firm offer of credit or insurance.
- The other entity must have the consumer's authorization for the report, or must meet certain criteria, specifically:
- They have a current mortgage loan with the consumer.
- They are the servicer of a current mortgage loan for that consumer.
- They are a financial institution (like a bank or credit union) holding an account for the consumer.
2. Definitions
To clarify the bill’s provisions, it defines several key terms, including:
- Credit Union: Defined as a federal or state credit union.
- Insured Depository Institution: Defined as those entities that are described in the Federal Deposit Insurance Act.
- Residential Mortgage Loan: Defined as specified in the S.A.F.E. Mortgage Licensing Act of 2008.
- Servicer: Defined as specified in the Real Estate Settlement Procedures Act.
3. Effective Date
The bill stipulates that the changes it introduces will take effect 180 days after it is enacted into law.
Relevant Companies
- JPM (JPMorgan Chase & Co.) - As a large banking institution involved in mortgage lending, JPMorgan may need to adjust its practices related to how it retrieves and uses consumer reports due to the new privacy limitations.
- BAC (Bank of America Corp.) - Similar to JPMorgan, this bank would require adjustments in handling consumer reports for mortgage-related transactions based on the bill’s provisions.
- USB (U.S. Bancorp) - This bank may be affected in how it processes requests for consumer reports in relation to mortgage lending, requiring changes to ensure compliance with the new regulations.
- PNC (PNC Financial Services Group) - PNC would also be impacted, needing to manage its consumer reporting requests carefully under the new privacy rules.
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
34 bill sponsors
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TrackJohn W. Rose
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TrackGabe Amo
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TrackMark E. Amodei
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TrackJoyce Beatty
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TrackJack Bergman
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TrackStephanie I. Bice
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TrackJulia Brownley
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TrackEmanuel Cleaver
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TrackJason Crow
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TrackMike Ezell
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TrackCleo Fields
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TrackBrian K. Fitzpatrick
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TrackScott Franklin
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TrackAndrew R. Garbarino
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TrackMichael Guest
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TrackDusty Johnson
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TrackTrent Kelly
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TrackDavid Kustoff
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TrackFrank D. Lucas
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TrackLisa C. McClain
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TrackJohn R. Moolenaar
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TrackJoe Neguse
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TrackEleanor Holmes Norton
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TrackZachary Nunn
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TrackAndrew Ogles
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TrackBrittany Pettersen
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TrackAdrian Smith
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TrackBryan Steil
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TrackThomas R. Suozzi
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TrackBennie G. Thompson
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TrackWilliam R. Timmons IV
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TrackRitchie Torres
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TrackNikema Williams
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TrackRobert J. Wittman
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Actions
2 actions
| Date | Action |
|---|---|
| Apr. 10, 2025 | Introduced in House |
| Apr. 10, 2025 | Referred to the House Committee on Financial Services. |
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