Section 1071 of the Dodd-Frank Act (“Section 1071”) added small business loan data collection requirements to the Equal Credit Opportunity Act (ECOA), as set forth in Section 704B (15 USC 1691c-2). On March 30, 2023, the CFPB issued a final rule amending Regulation B (12 CFR Part 1002) to implement the changes to ECOA made by Section 1071. This rule, known as the Small Business Lending Data Collection Rule (“SBLDC Rule”), was published in the Federal Register on May 31, 2023.
While the SBLDC Rule was first issued in 2023, the rule has been the subject to numerous delays and changes due to ongoing litigation over its validity. While the SBLDC Rule has survived various legal challenges, the compliance deadlines for the SBLDC Rule have been extended at least three different times at this point.
On May 1, 2026, the CFPB published in the Federal Register a final rule to make significant changes to the SBLDC Rule (the “2026 Final Rule”). 91 FR 23530. Among other things, the 2026 Final Rule: (i) extends the compliance deadlines for all covered lenders to January 1, 2028; (ii) changes thresholds to qualify as a covered lender and a small business; and (iii) makes significant changes to the scope and type of data that lenders must collect under the SBLDC Rule.
Please join us at the July BCG Monthly Telephone Briefing where we will discuss the 2026 Final Rule and what it may mean for your institution. Handout to be posted Thursday, July 16th.
