Section 1 Short title
This Act may be cited as the “Bank Loan Privacy Act”.
Bank Loan Privacy Act
A BILL
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.
Sec. 2 Rulemaking requirement
Section 704B(e)(4) of the Equal Credit Opportunity Act (15 U.S.C. 1691c–2(e)(4)) is amended—
by striking “The Bureau may,” and inserting:
“(A) In general—The Bureau may,”
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.”