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
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.
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.