Became Public Law No: 119-36.
Amends the Fair Credit Reporting Act to restrict consumer reporting agencies from furnishing consumer reports obtained in connection with residential mortgage credit requests to third parties except in limited circumstances. Permits furnishing only for firm offers or to parties with consumer authorization, current mortgage originators or servicers, or insured depository institutions/credit unions holding a consumer account.
Privacy protection vs. effects on market competition and lead distribution
Relative to its intended legislative type, this bill is a targeted substantive amendment to the Fair Credit Reporting Act that clearly defines the restricted conduct, applicable exceptions, and an effective date, and includes a mandated GAO study and report.
Amends the Fair Credit Reporting Act to restrict consumer reporting agencies from furnishing consumer reports obtained in connection with residential mortgage credit requests to third parties except in limited circumstances.
Permits furnishing only for firm offers or to parties with consumer authorization, current mortgage originators or servicers, or insured depository institutions/credit unions holding a consumer account.
Establishes a GAO study and report on the value of trigger-lead text messages, and takes effect 180 days after enactment.
Technical, bipartisan-appealing consumer-privacy amendment with low fiscal impact and clear limits, increasing chances of enactment.
Relative to its intended legislative type, this bill is a targeted substantive amendment to the Fair Credit Reporting Act that clearly defines the restricted conduct, applicable exceptions, and an effective date, and includes a mandated GAO study and report.
Privacy protection vs. effects on market competition and lead distribution
These are examples from the analysis, not a ranked list of the most-affected groups.
Privacy protection vs. effects on market competition and lead distribution
Likely supportive as a privacy and consumer-protection measure limiting resale of sensitive mortgage-seeking data and predatory marketing.
Views the GAO study as a useful complement to oversight of trigger-lead text solicitations.
Generally favorable toward tightened consumer protections, but cautious about unintended market effects and regulatory complexity.
Sees the GAO study as pragmatic to assess text-based trigger leads before further action.
Skeptical; views the bill as an unnecessary restriction on legitimate business practices and potentially federal overreach favoring established banks.
Concerned about regulatory burdens and reduced market competition.
Reached or meaningfully advanced
Reached or meaningfully advanced
Reached or meaningfully advanced
Reached or meaningfully advanced
Reached or meaningfully advanced
Technical, bipartisan-appealing consumer-privacy amendment with low fiscal impact and clear limits, increasing chances of enactment.
The bill has not accumulated any surfaced votes yet.
Privacy protection vs. effects on market competition and lead distribution
Technical, bipartisan-appealing consumer-privacy amendment with low fiscal impact and clear limits, increasing chances of enactment.
Relative to its intended legislative type, this bill is a targeted substantive amendment to the Fair Credit Reporting Act that clearly defines the restricted conduct, applicable exceptions, and an effective date, and in…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.