Summary

Requires the consumer financial protection agency to follow a public rulemaking process before it deletes or changes certain consumer credit data. The agency must publish an advance notice-and-comment rule describing the specific deletions or modifications it will make and explain how those changes advance a privacy interest.

Key Points

• Directs the consumer financial protection agency to use formal advance notice-and-comment rulemaking before deleting or modifying covered consumer data.
• Adds a statutory requirement that the agency describe the exact data changes and explain how they advance a privacy interest.
• Shifts the agency’s process from ad hoc actions to a documented public rulemaking procedure for these data actions.
• Increases transparency and public input by requiring a published rule and rationale prior to implementation.
• Does not itself set new substantive data-deletion standards—focuses on the procedural step and justification.
• Could delay implementation of deletions/modifications because notice-and-comment rulemaking takes time.
• Affects consumers (privacy protections) and financial institutions (compliance and operational notice).
• Does not appropriate funds or change tax, national security, or emergency spending rules.
• No effective date or implementation timeline is specified in the provided text.
• Creates a clear administrative record that could affect legal review of future Bureau data actions.

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