WASHINGTON--The CFPB has finalized extended compliance deadlines for its Section 1071 rule requiring lenders to collect and report detailed data on their small business loans, America's Credit Unions reported.
The Bureau previously extended the dates in a June interim final rule, and Thursday’s final rule notes that additional amendments to the final rule are expected before it becomes effective, ACU said.
The delay comes as legal challenges to the final rule are ongoing in three separate jurisdictions, each staying the rule’s compliance dates for some participants. America’s Credit Unions members are covered by a 2023 decision that stayed the 2023 final rule, currently on appeal in the U.S. Fifth Circuit Court of Appeals.
Compliance dates are:
- July 1, 2026, for high volume lenders, with the first filing date June 1, 2027
- Jan. 1, 2027, for moderate volume lenders, with the first filing date June 1, 2028
- Oct. 1, 2027, for small volume lenders, with the first filing date June 1, 2028