What: On June 18, 2025, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule to extend the compliance date for the rule on Small Business Lending under the Equal Credit Opportunity Act (Regulation B) (1071 Rule).
Why: The CFPB issued the final 1071 Rule in March 2023, which required financial institutions to collect and report to the CFPB 81 data points on applications for credit for small businesses, including women-owned and minority-owned small businesses. The three-tiered compliance period for the 1071 Rule was initially scheduled to begin in October 2024, but it was later extended through a June 2024 interim final rule to begin in July 2025. Courts have since halted the three-tiered compliance period for some market participants, but the July 2025 compliance date remains in effect for many. This interim final rule once again extends the three-tiered compliance period to give all financial institutions until at least July 2026 to begin complying.
The CFPB is seeking comments on this new extension of the three-tiered compliance period, which will be effective on July 18, 2025.
Action: Submit comments to the CFPB by July 18, 2025, on the Regulations.gov docket.
FEDERAL REGISTER NOTICE:
File Comments on the Regulations.gov CFPB Docket:
Small Business Lending under the Equal Credit Opportunity Act (Regulation B)
CONTACT: Tanner Long
EMAIL: Tanner.Long@sba.gov
TOPIC(S): Regulatory Alerts
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