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ARTICLE · 16 MAY 2025

CFPB Won't Make Small Business Reporting Rule A Priority

Ballard Spahr LLP
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The CFPB has announced it will not make enforcement of its rule requiring financial institutions to report their lending to women-owned, LGBTQI+-owned and minority-owned small businesses a priority.

United StatesFinance and Banking
Richard J. Andreano, Jr.
Richard J. Andreano, Jr.
John L. Culhane, Jr.
John L. Culhane, Jr.
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The CFPB has announced it will not make enforcement of its rule requiring financial institutions to report their lending to women-owned, LGBTQI+-owned and minority-owned small businesses a priority.

"The bureau takes this step in the interest of focusing resources on supporting hard-working American taxpayers, servicemen, veterans, and small businesses," the bureau said, in announcing the move. "Even absent resource constraints, the Bureau would deprioritize enforcement of this rule because of the unfairness of enforcing it against entities not protected by the court's stay but similarly situated to parties that are protected by the stay."

That stay only applies to plaintiffs and intervenors in a lawsuit challenging the rule. The plaintiffs include, among others, members of the American Bankers Association, the Independent Community Bankers of America, and America's Credit Unions.

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