WASHINGTON–The finalized extended compliance deadlines for Section 1071, the rule requiring lenders to collect and report detailed data on small business loans, has been announced by the CFPB.
After having already extended the dates in a June interim final rule, the CFPB said the final rule is likely to see more amendments before it becomes effective.
notes that additional amendments to the final rule are expected before it becomes effective. All of the delays have been caused by various legal challenges and court stays.
America’s Credit Unions said CUs are covered by a 2023 decision that stayed the 2023 final rule, currently on appeal in the U.S. Fifth Circuit Court of Appeals.
Compliance Dates
According to the trade association, the newly announced compliance dates are:
- July 1, 2026, for high volume lenders, with the first filing date June 1, 2027
- Jan. 1, 2027, for moderate volume lenders, with the first filing date June 1, 2028; and
- Oct. 1, 2027, for small volume lenders, with the first filing date June 1, 2028.
