Bank Loan Privacy Act

Hozzl · 2024-01-11T08:30:29Z

Explore the details of House Bill 1810 Bank Loan Privacy Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

1/11/2024, 8:30 AM

Summary of Bill HR 1810

Bill 118 HR 1810, also known as the Bank Loan Privacy Act, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to protect the privacy of individuals who have taken out loans from banks.

The bill includes several key provisions. First, it requires banks to obtain explicit consent from borrowers before sharing any information about their loans with third parties. This is aimed at preventing banks from selling or sharing loan information without the borrower's knowledge or consent.

Additionally, the bill mandates that banks must provide borrowers with clear and easily understandable information about how their loan information is being used and shared. This is intended to increase transparency and empower borrowers to make informed decisions about their financial privacy. Furthermore, the Bank Loan Privacy Act includes measures to strengthen enforcement mechanisms to ensure that banks comply with the new regulations. This includes penalties for banks that violate the privacy rights of borrowers. Overall, the goal of Bill 118 HR 1810 is to protect the privacy of individuals who have taken out loans from banks and to give borrowers more control over how their loan information is used and shared. It is currently being debated in Congress and may undergo revisions before being voted on.

Congressional Summary of HR 1810

Bank Loan Privacy Act

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.

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Current Status of Bill HR 1810

Bill HR 1810 is currently in the status of Bill Introduced since March 27, 2023. Bill HR 1810 was introduced during Congress 118 and was introduced to the House on March 27, 2023. Bill HR 1810's most recent activity was Referred to the House Committee on Financial Services. as of March 27, 2023

Bipartisan Support of Bill HR 1810

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 1810

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 1810

Bank Loan Privacy ActBank Loan Privacy ActTo require the Bureau of Consumer Financial Protection to issue a rule before deleting or modifying certain small business loan data, and for other purposes.

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