The CFPB's May 1, 2026 final rule revising the Section 1071 small business lending framework under Regulation B became effective on June 30, 2026. The rule updates coverage, definitions, certain data points, and timing requirements tied to small business lending data collection and reporting.
What changed
The rule revised portions of the Section 1071 framework, including which lenders and transactions are covered, how key terms are defined, which data fields must be collected, and when regulated entities must meet the revised timing requirements.
Compliance perspective
Covered lenders should align application intake, data mapping, procedures, and reporting workflows with the revised Section 1071 requirements. This effective date matters for implementation planning, especially where systems were built around prior coverage tests or data fields.
Key date
Effective date: June 30, 2026.
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