WASHINGTON--The CFPB has pushed back all three compliance deadlines for its Section 1071 rule, which requires lenders to collect and report detailed data on their small-business loans. The delay came in an interim final rule released this week, America' Credit Unions reported.
The compliance dates are adjusted as follows:
- For high volume lenders, the compliance date is July 1, 2026, with the first filing date June 1, 2027
- For moderate volume lenders, the compliance date is January 1, 2027, with the first filing date June 1, 2028
- For small volume lenders, the new compliance date is October 1, 2027, with the first filing date June 1, 2028
The CFPB has issued this delay as it waits for court challenges, including one in which America’s Credit Unions is an intervenor, to run their course. Of note, the bureau announced in May that it will not enforce the rule for entities outside of a stay of the rule granted by a district court in 2023. America’s Credit Unions members are covered by the 2023 decision, which is currently on appeal in the Fifth Circuit Court of Appeals, ACU said.
The CFPB has also indicated it will issue a revised proposal later this year, so the rule itself may change again before these compliance dates come into play.