WASHINGTON–The CFPB’s unpopular-with-credit-unions small business lending rule will be the subject of an upcoming “regcast.”
The event is scheduled for July 25 at 11 a.m. ET.
According to the Bureau, the regcast will provide information on the rule. to help financial institutions determine whether they are covered for purposes of compliance with the rule.
As CUToday.info reported here, the CFPB finalized the rule over collecting data around small business in March, with the CU trade groups calling it “arduous” and “overly broad.”
The Information Being Collected
The information to be collected includes geographic and demographic data, lending decisions, and the price of credit. Lenders that originate at least 500 loans annually must collect data starting April 1, 2025. Those that originate at least 100 loans annually must collect data starting Jan. 1, 2026.
The Bureau said the regcast will also include additional information on how to determine if transactions are covered credit transactions and whether businesses are small businesses.
A similar event was hosted by the Bureau June 28; the July 25 webcast will cover the same material, the agency said. The CFPB is asking those who attended the June event to not register for the July 25 event, as registration is limited.
When Rule Goes Into Effect
The final rule, unveiled March 30 (meeting a court order to finalize the rule by March 31), requires lenders to collect and report information about the small business credit applications they receive,
To register, go here.
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