On May 1, 2026, the CFPB issued a final reconsideration rule on small business lending under Regulation B, Section 1071. The rule extended the compliance date to January 1, 2028 and revised coverage and data requirements.
What changed
The CFPB moved the compliance date to January 1, 2028 and changed parts of the Section 1071 framework governing who must report and what data must be collected. This was a significant timing and scope adjustment for covered lenders.
Compliance perspective
Covered institutions should reset implementation plans, vendor timelines, and data mapping based on the revised rule. The extension gives more time, but it also requires a clean restart on scoping and operational design.
Key date
Effective date: May 1, 2026.
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