House Financial Services Advances OBL-backed Trigger Leads Bill

H.R. 2808 - introduced by Reps. John Rose (R-Tenn.) and Ritchie Torres (D-N.Y.) - would "curb the abusive use of mortgage credit 'trigger leads' while narrowly preserving them for legitimate, transparent and accountable uses." When credit reporting agencies alert other lenders to a consumer's application for credit, "consumers may then be contacted by the other parties that have purchased the trigger leads, leading to invasions of the customer's privacy and confusion for customers as to how their mortgage application information was shared with other lenders."

OBL will continue to monitor the progress of the bill.