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Abstract: 

This article considers the implications for the mortgage industry of the growing patchwork of enacted and proposed consumer privacy legislation at the state and federal level. Most state laws exempt financial institutions subject to the Gramm-Leach-Bliley Act, but some exempt only the personal information collected pursuant to that statute. A proposed federal consumer privacy statute would preempt inconsistent state laws, set a federal standard, and deem financial institutions in compliance if they complied with other, existing federal privacy laws, such as the GLBA.

Keywords: Federal Consumer Privacy for Mortgage Consumers: GLBA, FCRA, CFPB; American Privacy Rights Act (APRA)

Affiliations:  1: Locke Lord LLP.