CFPB Postpones Compliance Dates for Section 1071 Rule

June 18, 2025 - 19:17

In a recent development, the Consumer Financial Protection Bureau (CFPB) has announced an extension of the compliance dates for the Section 1071 small business data collection and reporting rule. This decision comes in light of ongoing discussions and concerns regarding the implementation of the rule, which aims to enhance transparency in lending to small businesses, particularly those owned by women and minorities.

The CFPB's move acknowledges that the current stays on the Section 1071 rule primarily affect certain aspects of the data collection process. Stakeholders have expressed the need for additional time to prepare for the new requirements, which are designed to provide valuable insights into lending practices and promote fair access to credit.

This extension allows financial institutions and lenders to better align their operational frameworks with the upcoming regulations. The CFPB emphasizes its commitment to ensuring that the implementation of the rule supports both lenders and small businesses in navigating the evolving landscape of financial services. As the deadline approaches, further guidance and resources are expected to be made available to assist in a smooth transition.