To require the Bureau of Consumer Financial Protection to issue a before deleting or modifying certain small business loan data, and for other purposes.
The source supplies the latest action, but no lifecycle stage.
Latest action (15 Feb 2022): Referred to the House Committee on Financial Services.
What this bill does
H.R. 6739 would amend the Equal Credit Opportunity Act to change how the Bureau of Consumer Financial Protection (CFPB) handles certain small business loan data it collects. Under existing law, the CFPB may modify or delete some of this data, generally to protect privacy. This bill would require the Bureau to first issue a formal rule, using advance public notice and comment procedures, before making any such deletions or modifications. That rule would have to describe specifically what changes or deletions the Bureau plans to make and explain how those actions would advance a privacy interest.
The bill primarily affects the CFPB’s regulatory process and, indirectly, small businesses, lenders, researchers, and advocacy groups that rely on small business lending data collected under Section 704B of the Equal Credit Opportunity Act (part of the small business data collection provisions established by the Dodd-Frank Act). By requiring notice-and-comment rulemaking, the bill would give these stakeholders an opportunity to review and respond to any proposed data changes before they take effect, adding transparency and public input to a process that currently may not require it.
The bill was introduced on February 15, 2022, by Rep. Blaine Luetkemeyer, with two cosponsors, and referred to the House Committee on Financial Services. It did not receive a vote and did not advance further before the end of the 117th Congress, meaning it would need to be reintroduced in a future Congress to be considered again.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
This bill requires the Consumer Financial Protection Bureau to issue a rule prior to deleting or modifying publicly available small business loan data due to privacy concerns. Specifically, the bureau must describe the intended modifications and deletions and explain how such modifications and deletions will advance a privacy interest.
Timeline
15 Feb 2022
Referred to the House Committee on Financial Services.
Common questions
- What does H.R. 6739 do?
- H.R. 6739 would amend the Equal Credit Opportunity Act to change how the Bureau of Consumer Financial Protection (CFPB) handles certain small business loan data it collects. Under existing law, the CFPB may modify or delete some of this data, generally to protect privacy. This bill would require the Bureau to first issue a formal rule, using advance public notice and comment procedures, before making any such deletions or modifications. That rule would have to describe specifically what changes or deletions the Bureau plans to make and explain how those actions would advance a privacy interest. The bill primarily affects the CFPB’s regulatory process and, indirectly, small businesses, lenders, researchers, and advocacy groups that rely on small business lending data collected under Section 704B of the Equal Credit Opportunity Act (part of the small business data collection provisions established by the Dodd-Frank Act). By requiring notice-and-comment rulemaking, the bill would give these stakeholders an opportunity to review and respond to any proposed data changes before they take effect, adding transparency and public input to a process that currently may not require it. The bill was introduced on February 15, 2022, by Rep. Blaine Luetkemeyer, with two cosponsors, and referred to the House Committee on Financial Services. It did not receive a vote and did not advance further before the end of the 117th Congress, meaning it would need to be reintroduced in a future Congress to be considered again.
- Has H.R. 6739 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 6739. Check the latest action and official source below.
- Who sponsored H.R. 6739?
- H.R. 6739 was sponsored by Rep. Luetkemeyer, Blaine [R-MO-3] (R-MO), with 2 cosponsors.
- What's the latest action on H.R. 6739?
- Referred to the House Committee on Financial Services. (15 Feb 2022).
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