Data collection compliance for small business lending is extended to next year (July 18, 2025) for the highest volume lenders, and to dates in 2026 for moderate and lowest volume lenders, the federal consumer financial protection agency said June 25.
According to an interim rule issued by the Consumer Financial Protection Bureau (CFPB), compliance deadlines for its small business lending rule, issued in 2023, have been extended. The extensions come after a 7-2 decision issued last month by the U.S. Supreme Court (CFPB v. Community Financial Services Association of America, Ltd. (CFSA)) upholding the funding mechanism for the agency which had been challenged as unconstitutional by the CFSA.
The agency’s business small business lending rule had been subject to a stay issued by a Texas federal court in 2023.
According to CFPB, the interim final rule issued June 25 extends compliance dates by 290 days, the time between the Texas court’s first issuance of a stay last year and the Supreme Court’s decision in CFPB v. CFSA May 16.
Under the interim rule, lenders with the highest volume of small business loans must begin collecting data by July 18, 2025; moderate volume lenders must collect data by Jan. 16, 2026; and the smallest volume lenders must collect data by Oct. 18, 2026.
The bureau said the deadline for reporting small business lending data to the CFPB remains June 1 following the calendar year for which data are collected. “Thus, high volume lenders will first submit data by June 1, 2026, while moderate and low volume lenders will first submit data by June 1, 2027,” the agency said. “Under the interim final rule, lenders may continue using their small business originations from 2022 and 2023 to determine their initial compliance date, or instead use their originations from 2023 and 2024.”
The small business lending rule requires lenders to collect and report information about the small business credit applications they receive, including geographic and demographic data, lending decisions, and the price of credit. High volume lenders are defined as those that originate at least 500 loans annually . Moderate and low volume lenders are defined as those that originate at least 100 loans annually.
CFPB Extends Compliance Dates for Small Business Lending Rule