The Bank Loan Privacy Act is a federal bill that aims to enhance consumer privacy protections in the context of bank loans. The main provisions of the bill include requiring banks to obtain explicit consent from customers before sharing their loan information with third parties, imposing restrictions on the use of consumer data for marketing purposes, and establishing penalties for non-compliance with these privacy rules. This bill seeks to empower individuals to have more control over their personal financial information and prevent unauthorized sharing or misuse of such data by financial institutions. If enacted, the Bank Loan Privacy Act could have a significant impact on how banks handle customer data and ensure greater transparency and accountability in loan-related transactions.
2023-03-27: Introduced in House
2023-03-27: Referred to the House Committee on Financial Services.
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