Bank Loan Privacy Act
Source: Congress.gov ·
296 words in original text
What This Bill Does
This bill requires the Bureau of Consumer Financial Protection (a government agency that protects people in financial transactions) to create and announce a formal rule before it deletes or changes small business loan data. The bill says the agency must explain what data changes it plans to make and how those changes will protect people's privacy.
Who It Affects
The Bureau of Consumer Financial Protection is directly affected by this bill. Small businesses that have loan data held by the Bureau are indirectly affected.
Key Provisions
• The Bureau must issue a rule through advance notice and comment before deleting or modifying data (Sec. 2)
• The rule must describe what modifications and deletions the Bureau intends to make to the data (Sec. 2)
• The rule must explain how the modifications and deletions will advance a privacy interest (meaning protect people's personal information) (Sec. 2)
What Changes
Currently, the Bureau can delete or modify small business loan data. Under this bill, the Bureau would first have to go through a formal rulemaking process and publicly announce its plans before making any changes to that data.
Important Definitions
None defined in bill text
Effective Date
Not specified in bill text
Important: This plain English summary was generated by AI and is provided for informational purposes only.
It is not legal advice. Always consult the official bill text on Congress.gov
or a qualified attorney for legal matters.