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:
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.
Depository institutions shall not be required to publish, disclose, or otherwise make available to the public, pursuant to the Home Mortgage Disclosure Act of 1975, any data that was not so required on the day before the enactment of Dodd-Frank.
The CFPB and the Financial Institutions Examination Council shall not publish, disclose, or otherwise make available to the public any such information from a depository institution.
[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4993 Introduced in House (IH)]
<DOC>
114th CONGRESS
2d Session
H. R. 4993
To require the Comptroller General of the United States to conduct a
study regarding the privacy of information collected under the Home
Mortgage Disclosure Act of 1975, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 19, 2016
Mr. Hultgren (for himself, Mr. Barr, and Mrs. Love) introduced the
following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To require the Comptroller General of the United States to conduct a
study regarding the privacy of information collected under the Home
Mortgage Disclosure Act of 1975, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Homeowner Information Privacy
Protection Act''.
SEC. 2. STUDY REGARDING PRIVACY OF INFORMATION COLLECTED UNDER THE HOME
MORTGAGE DISCLOSURE ACT OF 1975.
(a) Study.--The Comptroller General of the United States shall
conduct a study to determine whether the data required to be published,
made available, or disclosed under the final rule, in connection with
other publicly available data sources, including data made publicly
available under Regulation C (12 C.F.R. 1003) before the effective date
of the final rule, could allow for or increase the probability of--
(1) exposure of the identity of mortgage applicants or
mortgagors through reverse engineering;
(2) exposure of mortgage applicants or mortgagors to
identity theft or the loss of sensitive personal financial
information;
(3) the marketing or sale of unfair, deceptive, or abusive
financial products to mortgage applicants or mortgagors based
on such data;
(4) personal financial loss or emotional distress resulting
from the exposure of mortgage applicants or mortgagors to
identify theft or the loss of sensitive personal financial
information; and
(5) the potential legal liability facing the Bureau and
market participants in the event the data required to be
published, made available, or disclosed under the final rule
leads or contributes to identity theft or the capture of
sensitive personal financial information.
(b) Report.--The Comptroller General of the United States shall
submit to the Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing, and Urban
Affairs of the Senate a report that includes--
(1) the findings and conclusions of the Comptroller General
with respect to the study required under subsection (a); and
(2) any recommendations for legislative or regulatory
actions that--
(A) would enhance the privacy of a consumer when
accessing mortgage credit; and
(B) are consistent with consumer protections and
safe and sound banking operations.
SEC. 3. SUSPENSION OF DATA SHARING REQUIREMENTS.
Notwithstanding any other provision of law, including the final
rule--
(1) depository institutions shall not be required to
publish, disclose, or otherwise make available to the public,
pursuant to the Home Mortgage Disclosure Act of 1975 (or
regulations issued under such Act) any data that was not
required to be published, disclosed, or otherwise made
available pursuant to such Act (or regulations issued under
such Act) on the day before the date of the enactment of the
Dodd-Frank Wall Street Reform and Consumer Protection Act; and
(2) the Bureau and the Financial Institutions Examination
Council shall not publish, disclose, or otherwise make
available to the public any such information received from a
depository institution pursuant to the final rule.
SEC. 4. DEFINITIONS.
For purposes of this Act:
(1) Bureau.--The term ``Bureau'' means the Bureau of
Consumer Financial Protection.
(2) Depository institution.--The term ``depository
institution'' has the meaning given that term under section 303
of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2802).
(3) Final rule.--The term ``final rule'' means the final
rule issued by the Bureau titled ``Home Mortgage Disclosure
(Regulation C)'' (October 28, 2015; 80 Fed. Reg. 66128).
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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