WASHINGTON— The CFPB is waiting on White House clearance before it can publish a final rule that would complete its rollback of the agency’s small business lending data-collection regime, according to a new regulatory notice, Law360 reported, signaling that another major change to the Biden-era Section 1071 framework may be close for banks and credit unions.
Law360 reported the notice shows the CFPB is awaiting Office of Information and Regulatory Affairs review on a final rule tied to its overhaul of the small business lender reporting requirements under Dodd-Frank Section 1071.
The rule would cap a months-long effort by the CFPB to scale back the 2023 Section 1071 rule, which originally required covered lenders to collect and report detailed data on credit applications from small businesses, including those owned by women and minorities. The Bureau formally reopened that rule in November 2025, saying it wanted to streamline the framework, reduce complexity for lenders and improve data quality, while still carrying out the statute’s fair lending and market transparency purposes.