The Bank Loan Privacy Act requires the Consumer Financial Protection Bureau (CFPB) to issue formal rules before deleting or changing small business loan data that it collects and maintains. Currently, the CFPB has discretionary authority to modify or delete this data without advance notice or public input, but this bill would require the agency to go through a formal rulemaking process and explain what data changes it plans to make and how those changes protect privacy. The legislation affects the CFPB and small businesses whose loan information is held in federal databases. There is no specific funding authorization or implementation timeline mentioned in the bill, though the rulemaking process itself would need to follow standard federal administrative procedures including a public comment period before the rules take effect.