CFPB Issues Proposed Revisions to Small Business Lending Data Collection Rule

On November 13, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule that would make several changes to the small business lending data collection requirements found in subpart B of Regulation B.

The proposed rule would increase the threshold at which a financial institution becomes subject to the data collection requirements. Currently, institutions that originate at least 100 covered credit transactions in each of the two preceding calendar years are subject to the rule. The proposal would increase that number to 1,000, significantly reducing the number of institutions required to collect data.

The proposal would also eliminate the current tiered mandatory compliance dates and make all covered financial institutions subject to the rule beginning January 1, 2028 (based on 2026 and 2027 origination activity).

Comments on the proposal are due by December 15.