Data Privacy and Small Business Loan Data Collection Changes
This act modifies how data is collected for small business loans, giving businesses more control over the information they share. It aims to protect privacy and reduce regulatory burdens, while ensuring banks cannot use a lack of response as a basis for evaluating loan applications.
Key points
Banks must inform applicants that providing small business loan data is voluntary.
Banks cannot collect small business data through visual observation or methods other than direct applicant submission.
The percentage of businesses not providing data cannot be used to assess a bank's compliance.
The changes will take effect 3 years after relevant agencies complete cost-benefit analyses.
Introduced
Citizen Poll