On September 25, the CFPB published in the Federal Register a final rule amending Regulation B to extend the compliance dates for small business lending data collection and reporting under Section 1071 of the Dodd-Frank Act. As previously covered by InfoBytes, the Bureau had issued an interim final rule in June extending deadlines in response to ongoing litigation and multiple court orders staying compliance for certain market participants (covered here, here and here). Although not required, the CFPB sought comment from the public regarding the extension.

This rule will confirm the interim rule’s initial compliance dates. The new compliance date for the highest volume lenders (Tier 1) will be July 1, 2026, with a first filing deadline of June 1, 2027. Moderate volume lenders (Tier 2) must comply by January 1, 2027, and the smallest volume lenders (Tier 3) must comply by October 1, 2027; both tiers 2 and 3 will have a first filing deadline of June 1, 2028. The final rule will also allow financial institutions to use originations from alternative years (2022 and 2023, 2023 and 2024, or 2024 and 2025) to determine their compliance tier and permits voluntary early collection of demographic data up to 12 months before the new compliance dates.