WASHINGTON D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a interim final rule extend the deadlines for compliance with the small business lending standard. After the CFPB issued the small business loan rule On March 30, 2023, a federal court in Texas suspended the rule pending the Supreme Court’s decision in CFPB v. CFSA. The Texas court also required the CFPB to extend the rule’s compliance deadlines to make up for the suspended period. Today’s interim final rule follows the Supreme Court’s recent decision in CFPB v. CFSA.
The interim final rule extends compliance dates by 290 days, which is the time between the Texas court’s first issuance of a stay last year and the Supreme Court’s decision in CFPB v. CFSA last month. Lenders with the highest volume of small business loans must begin collecting data by July 18, 2025; moderate volume lenders by January 16, 2026; and lower volume lenders by October 18, 2026. The deadline for reporting small business lending data to the CFPB remains June 1 following the calendar year for which the data is collected. Therefore, high-volume lenders will submit data for the first time by June 1, 2026, while moderate and low-volume lenders will submit data for the first time by June 1, 2027. Under the interim final rule, Lenders can continue to use their 2022 and 2023 small business originations to determine their initial compliance date, or instead use their 2023 and 2024 originations.
Lenders may choose to start collecting data earlier. The rule allows lenders to collect demographic data up to one year before the compliance date to test their procedures and systems. The CFPB also updated its grace period to reflect the revised dates. The CFPB does not intend to impose penalties for reporting errors during the first 12 months of collections, and intends to conduct examinations only to help lenders diagnose compliance deficiencies, as long as lenders conduct compliance efforts. good faith.
Resources to help lenders implement the Small Business Lending Rule are on page Small Business Loan Database Web page. The CFPB’s small business lending data submission platform will be available for open beta testing in August. Participants interested in beta testing and others who wish to receive updates related to the rule in general should register to receive updates at the Small Business Loan Database page and adding your email address in the email signup box.
The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive. For more information visit www.consumerfinance.gov.