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To require the Bureau of Consumer Financial Protection to issue a rule before deleting or modifying certain small business loan data, and for other purposes.
Summary
This bill amends the Equal Credit Opportunity Act to require the Bureau of Consumer Financial Protection to follow a formal rulemaking process before modifying or deleting small business loan data. Before making such changes, the Bureau must issue a rule through advance notice and comment procedures. The rule must describe which data modifications or deletions the Bureau intends to make and explain how those changes will advance a privacy interest. Currently, the Bureau may modify or delete such data without this advance rulemaking requirement.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Rose, John W. [R-TN-6] (R-TN)
2 cosponsors
Actions (2)
- Apr 10, 2025 Referred to the House Committee on Financial Services. · house
- Apr 10, 2025 Introduced in House
Similar bills (6)
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
April 10, 2025
Mr. Rose (for himself and Ms. De La Cruz) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To require the Bureau of Consumer Financial Protection to issue a rule before deleting or modifying certain small business loan data, 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 “Bank Loan Privacy Act”.
SEC. 2. RULEMAKING REQUIREMENT.
Section 704B(e)(4) of the Equal Credit Opportunity Act (15 U.S.C. 1691c-2(e)(4)) is amended—
(1) by striking “The Bureau may,” and inserting:
“(A) In general.—The Bureau may,”; and
(2) by adding at the end the following:
“(B) Rulemaking requirement.—The Bureau shall, before deleting or modifying data under this paragraph issue, through advance notice and comment, a rule that includes a description of what modifications and deletions the Bureau intends to make to the data and how such modifications and deletions will advance a privacy interest.”. <all>
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