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CBA Supports Bill Aimed at Protecting Consumers’ Financial and Personal Information
Washington, D.C.– The Consumer Bankers Association (CBA) today released the following statement commending Representatives Randy Hultgren (R-IL) and Andy Barr (R-KY) for introducing the Homeowners Information Privacy Protection Act, H.R. 2204. This legislation would require the Government Accountability Office (GAO) to study the privacy risks associated with CFPB’s final Home Mortgage Disclosure Act (HMDA) rule, which nearly triples the number of data fields banks are required to collect.
“Consumers should not have their private information placed at risk of public exposure when buying a home,” said CBA’s President and CEO Richard Hunt. “As experts note, the CFPB’s final HMDA rule exposes consumers’ financial and personal information, such as credit scores, debt-to-income ratios, and property addresses, to significant re-identification risk. We commend Representatives Hultgren and Barr for introducing legislation calling for a study into the risks posed by the Bureau’s rule, and we urge Congress to move swiftly in advancing the bill to better protect consumers’ private information.”
What does the Homeowner Information Privacy Protection Act do?
The Homeowner Information Privacy Protection Act requires the Comptroller General of the GAO to study the privacy risks associated with the CFPB’s expanded data collection under its final HMDA rule, and provide legislative or regulatory recommendations to enhance consumer privacy. The legislation also would prohibit depository institutions, the CFPB, and the Federal Financial Institutions Examination Council from publishing, disclosing, or otherwise making available to the public any of this information.
Read the Representatives’ joint press release here.