H.R. 2885 — Bank Loan Privacy Act

This section requires the Consumer Financial Protection Bureau (Bureau), before deleting or modifying data under section 704B(e)(4) of the Equal Credit Opportunity Act (ECOA), to issue a rule through notice-and-comment procedures describing the intended modifications or deletions and explaining how they advance a privacy interest. (As background, ECOA §704B requires nationwide consumer reporting agencies to provide consumers with free annual credit scores and related disclosures upon request; subsection (e) authorizes the Bureau to collect and maintain related data while protecting privacy.)