From the CFPB website:
"The CFPB is extending compliance deadlines for the small business lending rule. After the CFPB issued this rule on March 30, 2023, some lenders filed challenges against it in federal court in Texas. On July 31, 2023, that court stayed the rule for certain lenders pending the Supreme Court’s decision in CFPB v. CFSA; on October 26, it extended that stay to all lenders covered by the rule. In the event of a reversal in CFSA, the Texas court ordered the CFPB to extend the rule’s compliance deadlines to compensate for the period stayed.
The CFPB now plans to issue an interim final rule to extend compliance deadlines. As 290 days have elapsed between the July 31 order and the CFSA decision on May 16, the interim final rule will extend compliance dates as follows:
Final rule and compliance resources
On March 30, 2023, we issued a final rule amending Regulation B to implement changes to ECOA made by section 1071 of the Dodd-Frank Act. Consistent with section 1071, covered financial institutions are required to collect and report to the CFPB data on applications for credit for small businesses, including those that are owned by women or minorities. The rule also addresses our approach to privacy interests and the publication of section 1071 data; shielding certain demographic data from underwriters and other persons; recordkeeping requirements; enforcement provisions; and the rule’s effective and compliance dates.
The CFPB is providing materials and tools to help explain the rule. And we have issued a Filing Instructions Guide for the first year of data collection.
We also released a document describing our methodology for estimating how many banks will be required to report under the rule and for producing market-level estimates of associated costs.
CFPB staff can provide informal guidance in response to questions you submit about the rule.
Goto CFPB website https://www.consumerfinance.gov/1071-rule/
