Sponsors (3)
The bill increases transparency and stakeholder participation in CFPB decisions about deleting or modifying consumer data—strengthening privacy safeguards and oversight—but at the cost of slower corrective action and added administrative and compliance burdens.
Consumers and taxpayers: stronger privacy protections because the CFPB must use notice-and-comment rulemaking before deleting or modifying consumer data, increasing transparency about which data actions are taken and why.
Financial institutions and other affected parties: a formal opportunity to review and comment on proposed CFPB data deletions/modifications, improving stakeholder input and oversight of agency decisions.
Consumers and taxpayers: potential delays in removing or correcting sensitive consumer data because notice-and-comment rulemaking takes time, which could prolong privacy risks for individuals.
CFPB, regulated firms, and taxpayers: increased administrative burden and compliance costs from the rulemaking requirement, which could divert agency and industry resources from other enforcement or consumer-protection activities.
Based on analysis of 2 sections of legislative text.
Requires the CFPB to issue a notice-and-comment rule explaining intended deletions/modifications of certain loan data and how they advance privacy interests.
Requires the Consumer Financial Protection Bureau (CFPB) to propose and finalize a notice-and-comment rule before it deletes or modifies certain loan data under the Equal Credit Opportunity Act. The rule must say what deletions or changes the Bureau plans and explain how those actions serve a privacy interest, turning a previously permissive process into one with mandatory public rulemaking.
Official title: 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.
Introduced April 10, 2025 by John Rose · Last progress April 10, 2025