Bank Loan Privacy Act

This bill mandates that the Bureau of Consumer Financial Protection (BCFP) establish a formal rulemaking process before it can delete or modify specific small business loan data. It amends the Equal Credit Opportunity Act to introduce this new requirement for the Bureau's data management practices. Specifically, the BCFP must issue a rule through an advance notice and comment period. This rule is required to detail the exact modifications and deletions the Bureau plans to make to the data. Furthermore, the rule must clearly articulate how these proposed changes will serve to advance a privacy interest , ensuring public understanding and accountability for data handling decisions.