CFPB Publishes Section 1071 Proposed Rule

Proposed Rule Streamlines Requirements for Small Business Lending Data Collection

The Consumer Protection Financial Bureau (CFPB) has updated their proposed rule for implementing section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The comment period runs through December 15th, 2025.

In this proposed rule, the CFPB reconsidered the coverage of required data collection in terms of applicable credit transactions and financial institutions. It also considered the definition of “small business” (meaning a business with a gross annual revenue of $1 million or less), the inclusion of required data points, and proposed a new date for compliance with the new rule.

If finalized, this rule would require financial institutions that originate at least 1,000 covered credit transactions in both the 2026 and 2027 calendar years to comply with these new requirements beginning January 1, 2028.