Update Safebrowsing text in brave://settings/privacy and brave://settings/safetyCheck for Chromium 86, in the "No protection section".
first screen -

second screen -

first screen:
"Standard Protection" text remove:
If a site tries to steal your password, or when you download a harmful file, Brave may also send URLs, including bits of page content, to Safe Browsing.
"No Protection" text should read (basically remove the second sentence):
Does not protect you against dangerous websites, downloads, and extensions.
second screen:
"Safe Browsing" text should read when on (basically remove the second sentence. No change in text if Safe browsing is off):
Standard protection is on.
Easily.
Also, we should remove this bit from Standard Protection:
If a site tries to steal your password, or when you download a harmful file, Brave may also send URLs, including bits of page content, to Safe Browsing.
since we disable that in Brave.
@rebron @fmarier is the part in the box that says Checks URLs with a list of unsafe sites stored in Brave accurate? Is there a list of unsafe sites stored somewhere?

@LaurenWags Yes, that part is accurate. The list is stored here:
$ ls ~/.config/BraveSoftware/Brave-Browser-Beta/Safe\ Browsing
ChromeExtMalware.store UrlBilling.store UrlMalware.store UrlUws.store
IpMalware.store UrlMalBin.store UrlSoceng.store
great, thanks for clarifying @fmarier!
Requires build higher than 1.15.69. Marked it as QA/Blocked till we get a new build.
Verification passed on
Brave | 1.15.70 Chromium: 86.0.4240.68聽(Official Build)聽(64-bit)
-- | --
Revision | ad72ee9aa8e15ed300df1238e76c7a8f4d686f97-refs/branch-heads/4240@{#1097}
OS | Windows聽10 OS Version 1903 (Build 18362.1016)


Verified passed with
Brave | 1.15.70 Chromium: 86.0.4240.68聽(Official Build)聽(x86_64)
-- | --
Revision | ad72ee9aa8e15ed300df1238e76c7a8f4d686f97-refs/branch-heads/4240@{#1097}
OS | macOS Version 10.14.6 (Build 18G3020)
Verified STR from description
Navigate to brave://settings/privacy and click on "Security". You are navigated to brave://settings/security:

Navigate to brave://settings/safetyCheck and click "Check now" button when Safe Browsing is on:

Navigate to brave://settings/safetyCheck and click "Check now" button when Safe Browsing is off:

Verification passed on
Brave | 1.15.70 Chromium: 86.0.4240.68聽(Official Build)聽(64-bit)
-- | --
Revision | ad72ee9aa8e15ed300df1238e76c7a8f4d686f97-refs/branch-heads/4240@{#1097}
OS | Ubuntu 18.04 LTS
Verified STR from description
Navigate to brave://settings/privacy and click on "Security". You are navigated to brave://settings/security:

Navigate to brave://settings/safetyCheck and click "Check now" button when Safe Browsing is on:

Navigate to brave://settings/safetyCheck and click "Check now" button when Safe Browsing is off:

Most helpful comment
@LaurenWags Yes, that part is accurate. The list is stored here: