Congress restricts mortgage data sharing without consumer consent
S. 1467 — Homebuyers Privacy Protection Act · Filed by Jack Reed (D-RI) · 45 cosponsors · Introduced Apr 10, 2025 · Passed chamber
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What it does
This bill amends the Fair Credit Reporting Act to restrict when credit reporting agencies can share consumer credit reports with third parties in connection with mortgage lending. Specifically, when a lender requests a credit report for a mortgage application, the agency cannot share that report with another company unless that company either has the consumer's written permission, already services the consumer's mortgage, or is a bank/credit union holding an account for that consumer. The bill aims to prevent mortgage lenders from selling or sharing consumer data to unrelated third parties without explicit consent.
Why we flagged it
The bill's operative mechanism is a restriction on data sharing by credit reporting agencies in the mortgage context, designed to protect consumer privacy and limit unsolicited solicitations. It is fundamentally a privacy-limiting measure, not a deregulation or subsidy.
What the text implies
- May reduce the volume of prescreened credit offers reaching consumers, potentially lowering marketing efficiency for lenders and credit card issuers seeking mortgage-qualified borrowers.
- Could narrow the secondary market for consumer data derived from mortgage inquiries, affecting data brokers and marketing firms that currently monetize prescreening lists.
- Servicers and existing account-holding banks retain privileged access to consumer reports, potentially entrenching incumbent financial institutions' competitive advantage in cross-selling.
- 180-day implementation window allows industry time to adjust compliance systems and may create a brief window for accelerated data-sharing before the restriction takes effect.
Section numbers refer to the bill text the analysis read — linked under Primary records below.
Who it affects
Ordinary consumers gain privacy protection and control over their financial data — lenders can no longer freely share mortgage-related credit reports with unrelated third parties for marketing or other purposes without consent. This reduces unwanted solicitations and data brokerage while preserving legitimate servicer and account-holder access.
Named in the bill
Fair Credit Reporting Act, Federal credit unions, State credit unions, Insured depository institutions, Credit reporting agencies, Mortgage servicers, Real Estate Settlement Procedures Act, S.A.F.E. Mortgage Licensing Act of 2008, Federal Deposit Insurance Act
Where it stands
45 cosponsors: 24 Democrats, 20 Republicans, 1 Independents.
- Apr 10, 2025 — Introduced · Congress.gov: “Introduced in Senate”
- Apr 10, 2025 — Referred to Senate Committee on Banking, Housing, and Urban Affairs · Congress.gov: “Read twice and referred to the Committee on Banking, Housing, and Urban Affairs”
- Jun 12, 2025 — Reported out of committee · Congress.gov: “Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.”
- Jun 12, 2025 — Passed the Senate · Congress.gov: “Passed Senate without amendment by Unanimous Consent. (text: CR S3395-3396)”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Money around this bill
9 lobbying clients named this bill on 10 disclosure filings across 2 quarters, Dec 2025 to Jun 2026. Those filings disclosed $24,895,000 in lobbying spend. A filing names 16 bills on average, so that figure is what each filing reported, not a share belonging to this bill.
More lobbying clients named this bill than 89% of bills with at least one filing.
Jack Reed, the sponsor, reported $1,152,500 in PAC receipts in the 2026 cycle.
- National Association of Realtors — $14,580,000 on 1 filing
- AARP — $5,300,000 on 1 filing
- Independent Community Bankers of America — $2,170,000 on 1 filing
- Mortgage Bankers Association — $1,220,000 on 1 filing
- United Services Automobile Association — $550,000 on 1 filing
Lobbying Disclosure Act filings through Jul 20, 2026. A filing shows who paid to lobby on a bill it names, not what changed.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (2,046 characters) on Apr 9, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 16,222 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
Money — Senate Lobbying Disclosure Act filings whose specific-issue field names this bill for quarters ending Dec 2025 to Jun 2026. A filing's amount is reported whole beside the median number of bills a filing names; it is never divided across them. PAC receipts are FEC-reported contributions to the sponsor's candidate committee in the 2026 cycle.
As of — lobbying records through Jul 20, 2026 · page rendered 2026-10-20.
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