CFPB Extends Compliance Dates for Small Business Lending Rule
The CFPB extended the compliance deadlines on a 2023 rule requiring financial institutions to collect and report data regarding applications for credit for women-owned, minority-owned and small businesses ("small business lending rule.") (See prior coverage).
According to the interim final rule, the CFPB extended the compliance dates on the small business lending rule by 290 days to cover the period the rule had been stayed (July 31, 2023, to May 16, 2024) during Court challenges to the authority of the agency. (See prior coverage).
The CFPB established the new deadlines as follows: for Tier one institutions (highest volume lenders) compliance: July 18, 2025, first filing date: June 1 2026; Tier two institutions (moderate volume lenders) compliance: January 16, 2026, first filing date: June 1, 2027; Tier three institutions (large volume lenders) compliance: October 18, 2026, first filing date: June 1, 2027.
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