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ARTICLE · 09 APRIL 2025

CFPB Seeks To Reopen Small Business Lending Rule Under Section 1071

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On April 3, the CFPB informed a Florida federal district court that it plans to initiate new rulemaking to revise its small business lending data collection rule under Section 1071 of the Dodd-Frank Act.

United StatesConsumer Protection
A.J. Dhaliwal
A.J. Dhaliwal
Mehul Madia
Mehul Madia
Maxwell Earp-Thomas
Maxwell Earp-Thomas
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On April 3, the CFPB informed a Florida federal district court that it plans to initiate new rulemaking to revise its small business lending data collection rule under Section 1071 of the Dodd-Frank Act.The Bureau agreed to stay the rule's compliance deadlines in response to ongoing litigation brought by a trade group representing providers of sales-based financing.

The 2023 rule, entitled Small Business Lending Under the Equal Credit Opportunity Act, requires covered financial institutions to collect and report data on small business loan applications (previously discussed here). It was designed to facilitate enforcement of fair lending laws and improve public understanding of credit availability in underserved communities. Although it was mandated by the Dodd-Frank Act, the rule wasn't finalized until 2023.

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