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119-hr-2885119th CongressWALLET

Bank Loan Privacy Act

Sponsored By: Representative Rose, John W. [R-TN-6]

Introduced

Summary

Requires formal notice-and-comment rulemaking before the Bureau of Consumer Financial Protection deletes or modifies small business loan data under the Equal Credit Opportunity Act. This bill would make the Bureau publish proposed changes, describe what data it plans to alter or remove, and explain how those changes advance privacy interests.

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  • Small businesses: Their loan records could not be unilaterally deleted or edited by the Bureau without a public rulemaking that states the intended modifications and the privacy justification.
  • Lenders and data users: Banks, credit reporters, and researchers would get advance notice and an opportunity to comment before data they rely on is changed.
  • The Bureau and the public: The Bureau would be required to tie any deletions or edits explicitly to a stated privacy interest and to explain that link in a notice-and-comment rulemaking, increasing procedural safeguards and transparency.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Public rule before CFPB changes loan data

If enacted, the Consumer Financial Protection Bureau would have to issue a public rule before deleting or changing small-business loan data. The rule would go through notice and comment. It would list the planned changes and explain how they protect privacy. This would limit quiet, unilateral data changes by the agency.

Sponsors & CoSponsors

Sponsor

Rose, John W. [R-TN-6]

TN • R

Cosponsors

  • Rep. De La Cruz, Monica [R-TX-15]

    TX • R

    Sponsored 4/10/2025

  • Rep. Barr, Andy [R-KY-6]

    KY • R

    Sponsored 5/20/2025

Roll Call Votes

No roll call votes available for this bill.

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