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ARTICLE · 03 JULY 2024

CFPB Extends Compliance Deadline For Section 1071 Rule

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On June 25, the CFPB released a formal action to extend the compliance deadlines for its Section 1071 small business lending rule.

United StatesFinance and Banking
A.J. Dhaliwal
A.J. Dhaliwal
Mehul Madia
Mehul Madia
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On June 25, the CFPB released a formal action to extend the compliance deadlines for its Section 1071 small business lending rule (previously discussed here, here, and here).Once issued, the rule was challenged in the United States District Court for the Southern District of Texas and stayed pending the Supreme Court's decision in CFPB v. CFSA. After the Bureau prevailed at the Supreme Court, the federal court ordered the Bureau to extend the compliance deadline to compensate for the stay.

Under the new rule, the deadlines are extended out 290 days.Accordingly, the new dates are as follows:

  • Tier 1 institutions (highest volume lenders): The new compliance date will be July 18, 2025, and the first filing deadline will be June 1, 2026.

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