Bank Loan Privacy Act

HR 2885, the Bank Loan Privacy Act, amends the Equal Credit Opportunity Act to require the Consumer Financial Protection Bureau (CFPB) to follow a specific process before deleting or modifying credit data. The bill mandates that the CFPB issue a rule through advance notice and comment, detailing exactly what data changes it plans to make and how those changes will protect privacy interests. This applies directly to the CFPB’s handling of consumer credit data, not to borrowers or lenders. The key provision is a new procedural requirement for transparency in data modifications, ensuring the public understands the Bureau’s actions. It does not change credit terms or consumer rights but alters how the CFPB manages its data.