S 2352
Protected act
Protected Act
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- Became Law
Bill overview
The PROTECTED Act amends the Equal Credit Opportunity Act to modify how data is collected from small business loan applicants. Specifically, it changes the requirements for financial institutions to inform applicants about the data collection process and the Bureau of Consumer Financial Protection’s involvement. It also introduces rules regarding the Bureau’s ability to delete or modify data, ensuring transparency and public comment, and prohibits financial institutions from compiling information based on visual observations rather than applicant-provided data. The bill delays enforcement of certain data collection requirements for two years while the Bureau conducts a cost-benefit analysis.
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