Bill > HR2885

This bill, known as the "Bank Loan Privacy Act," requires the Bureau of Consumer Financial Protection (BCFP) to follow a specific process before making changes to small business loan data. Specifically, the bill amends the Equal Credit Opportunity Act to mandate that when the BCFP wants to delete or modify small business loan data, it must first issue a rule through an advance notice and comment process. In this rule, the bureau must provide a detailed explanation of the proposed modifications and deletions, and clearly describe how these changes will protect privacy interests. The bill aims to increase transparency and provide stakeholders with an opportunity to review and comment on potential changes to small business loan data collection and reporting. By requiring a formal rulemaking process, the legislation seeks to ensure that any modifications to loan data are well-justified and take into account potential impacts on privacy and information transparency.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/2885/all-info