Consumer Financial Protection Bureau revises small-business lending data rule
Small-business lenders must update Regulation B reporting scope by 2028
CFPB
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Change
Consumer Financial Protection Bureau issued a final rule revising Regulation B small-business lending data requirements, with compliance required from 1 January 2028.
Why it matters
The final rule changes which transactions and financial institutions are covered under the small-business lending data rule. It also changes the small-business definition, reportable data points, collection methods and compliance timing.
Implications
- — Covered small-business lenders must update Regulation B section 1071 reporting scope before 1 January 2028 because CFPB changed covered transactions, covered financial institutions and the small-business definition.
- — Small-business lending compliance teams must update data-collection fields and collection workflows because CFPB changed which data points are included and how others are collected.
- — Fair-lending and regulatory-reporting teams must align implementation timelines to the 1 January 2028 compliance date because CFPB reset the operative reporting deadline.
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