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US HB2885
Bill
Status
4/10/2025
Primary Sponsor
John Rose
Click for details
AI Summary
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Amends Section 704B(e)(4) of the Equal Credit Opportunity Act to impose new procedural requirements on the Bureau of Consumer Financial Protection (CFPB)
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Requires the CFPB to conduct formal rulemaking through advance notice and comment before deleting or modifying any small business loan data
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Mandates that any such rule must include a description of what specific modifications and deletions the Bureau intends to make to the data
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Requires the CFPB to explain how proposed data modifications and deletions will advance a privacy interest
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Introduced April 10, 2025 by Rep. Rose and Rep. De La Cruz; referred to the House Committee on Financial Services
Legislative Description
Bank Loan Privacy Act
Finance and financial sector
Last Action
Referred to the House Committee on Financial Services.
4/10/2025