WASHINGTON–The CFPB is allowing for more time to comply with its small business lending rule. According to the Bureau, it will issue an interim final rule to extend the compliance date.
In a statement issued on the same day the Supreme Court issued a ruling upholding its funding, the CFPB said it is considering extending the compliance date for tier 1 institutions under the rule to be July 18, 2025.
For tier 2 institutions, Jan. 16, 2026, and for tier 3 institutions, Oct. 18, 2026.
The final rule, which was introduced on March 30, 2023 (it had been ordered by the court to finalize the rule by March 31), requires lenders to collect and report information about the small business credit applications they receive, including 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.
Credit unions have objected to the rule, calling it more onerous regulations.
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