Homeowner Information Privacy Protection Act
The source supplies the latest action, but no lifecycle stage.
Latest action (19 Apr 2016): Referred to the House Committee on Financial Services.
What this bill does
This bill, the Homeowner Information Privacy Protection Act, would require the Government Accountability Office (GAO) to study how data collected and made public under the Consumer Financial Protection Bureau's (CFPB) Home Mortgage Disclosure rule might increase the risk of exposing mortgage applicant or borrower identities. The study would also assess potential risks of identity theft, loss of personal financial information, predatory marketing, and resulting financial or emotional harm. It would also examine potential legal liability for the CFPB.
The bill specifically targets information collected under the Home Mortgage Disclosure Act (HMDA) by the CFPB. It would also suspend certain data sharing requirements. Specifically, depository institutions would no longer be required to publicly share data that was not required before the Dodd-Frank Act, and the CFPB and the Financial Institutions Examination Council would be prohibited from publicly sharing such information received from these institutions.
This bill was introduced in the House of Representatives during the 114th Congress and has not advanced past its introduction. Its next steps would depend on the legislative process in a subsequent Congress, such as being reintroduced and referred to a committee for consideration.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Homeowner Information Privacy Protection Act
This bill directs the Government Accountability Office to study whether the data required to be published, made available, or disclosed under the final rule of the Consumer Financial Protection Bureau (CFPB), entitled "Home Mortgage Disclosure (Regulation C)," in connection with other publicly available data sources, could allow for or increase the probability of:
• exposure of the identity of mortgage applicants or mortgagors through reverse engineering;
• exposure of mortgage applicants or mortgagors to identity theft or the loss of sensitive personal financial information;
• the marketing or sale of unfair, deceptive, or abusive products to mortgage applicants or mortgagors based on such data;
• personal financial loss or emotional distress resulting from the exposure of mortgage applicants or mortgagors to identity theft or the loss of sensitive personal financial information; and
• the potential legal liability facing the CFPB.
The prior rule, also entitled "Home Mortgage Disclosure (Regulation C)," was issued by the Board of Governors of the Federal Reserve System. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) transferred authority over Regulation C from the Federal Reserve Board to the CFPB. The new final rule, issued by the CFPB, adds several new home mortgage reporting requirements and revises several existing ones, and also modifies Regulation C's institutional and transactional coverage.
Timeline
19 Apr 2016
Referred to the House Committee on Financial Services.
Common questions
- What does H.R. 4993 do?
- This bill, the Homeowner Information Privacy Protection Act, would require the Government Accountability Office (GAO) to study how data collected and made public under the Consumer Financial Protection Bureau's (CFPB) Home Mortgage Disclosure rule might increase the risk of exposing mortgage applicant or borrower identities. The study would also assess potential risks of identity theft, loss of personal financial information, predatory marketing, and resulting financial or emotional harm. It would also examine potential legal liability for the CFPB. The bill specifically targets information collected under the Home Mortgage Disclosure Act (HMDA) by the CFPB. It would also suspend certain data sharing requirements. Specifically, depository institutions would no longer be required to publicly share data that was not required before the Dodd-Frank Act, and the CFPB and the Financial Institutions Examination Council would be prohibited from publicly sharing such information received from these institutions. This bill was introduced in the House of Representatives during the 114th Congress and has not advanced past its introduction. Its next steps would depend on the legislative process in a subsequent Congress, such as being reintroduced and referred to a committee for consideration.
- Has H.R. 4993 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 4993. Check the latest action and official source below.
- Who sponsored H.R. 4993?
- H.R. 4993 was sponsored by Rep. Hultgren, Randy [R-IL-14] (R-IL), with 2 cosponsors.
- What's the latest action on H.R. 4993?
- Referred to the House Committee on Financial Services. (19 Apr 2016).
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