The Homebuyers Privacy Protection Act (H.R.2808) is now headed to President Trump’s desk after clearing the Senate over the weekend. The House had already passed the bill last month, and it has received strong support from credit unions.

This legislation is designed to strengthen consumer privacy during the homebuying process. It prevents credit reporting agencies from sharing a consumer’s credit information related to a residential mortgage transaction with third parties, unless the transaction involves a firm offer of credit or insurance, and there’s documented proof that the consumer has given consent.

Under the act, credit reporting agencies can only release a consumer’s credit details if they can confirm that the third party either originated a mortgage for the consumer, currently services the mortgage, or has a specific ongoing banking relationship with the consumer.

Once signed into law, the act will take effect 180 days later.