Bank Loan Privacy Act
The source supplies the latest action, but no lifecycle stage.
Latest action (10 Apr 2025): Referred to the House Committee on Financial Services.
What this bill does
This bill, H.R. 2885, also known as the Bank Loan Privacy Act, would require the Bureau of Consumer Financial Protection (CFPB) to follow a specific process before deleting or changing certain data related to small business loans. Specifically, the CFPB would need to issue a public rule through a process that allows for public input. This rule would have to explain what data modifications or deletions are planned and how those changes would protect privacy.
The bill affects the CFPB's authority regarding small business loan data. It does not change existing loan requirements or directly impact individuals or businesses applying for or holding loans. It focuses solely on the procedures the CFPB must use when managing certain types of data it collects.
This bill was introduced in the House of Representatives on April 10, 2025, by Representative John W. Rose and co-sponsored by Representative Ritchie Torres Small. It has been referred to the House Committee on Financial Services. The next step in the legislative process would be for the committee to consider the bill.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
10 Apr 2025
Referred to the House Committee on Financial Services.
Common questions
- What does H.R. 2885 do?
- This bill, H.R. 2885, also known as the Bank Loan Privacy Act, would require the Bureau of Consumer Financial Protection (CFPB) to follow a specific process before deleting or changing certain data related to small business loans. Specifically, the CFPB would need to issue a public rule through a process that allows for public input. This rule would have to explain what data modifications or deletions are planned and how those changes would protect privacy. The bill affects the CFPB's authority regarding small business loan data. It does not change existing loan requirements or directly impact individuals or businesses applying for or holding loans. It focuses solely on the procedures the CFPB must use when managing certain types of data it collects. This bill was introduced in the House of Representatives on April 10, 2025, by Representative John W. Rose and co-sponsored by Representative Ritchie Torres Small. It has been referred to the House Committee on Financial Services. The next step in the legislative process would be for the committee to consider the bill.
- Has H.R. 2885 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 2885. Check the latest action and official source below.
- Who sponsored H.R. 2885?
- H.R. 2885 was sponsored by Rep. Rose, John W. [R-TN-6] (R-TN), with 2 cosponsors.
- What's the latest action on H.R. 2885?
- Referred to the House Committee on Financial Services. (10 Apr 2025).
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