The Homebuyers Privacy Protection Act is gaining momentum with bipartisan support in Congress, aiming to prohibit unsolicited credit offers unless consumers provide explicit consent. Bob Broeksmit, head of the Mortgage Bankers Association, emphasized its significance for consumers. After a previous attempt failed in the House, this updated legislation has the backing of key senators and representatives, ensuring its potential passage. However, opposition remains, particularly from those citing consumer shopping habits. The National Association of Mortgage Brokers supports the bill, marking it a vital step in safeguarding consumers' financial information.
The updated version reintroduced in the 119th Congress has bipartisan, bicameral support, prohibiting unsolicited credit offers unless the consumer has consented.
Opponents like Rep. Young Kim argue it harms consumers as many do not shop for mortgage offers, highlighting the divided perspectives on the legislation.
Collection
[
|
...
]