CFPB Extends Deadlines for Small Business Data Collection Rule

Banks and other lenders will have an additional 290 days to prepare for collecting demographic data from small business borrowers, the Consumer Financial Protection Bureau said.

The CFPB finalized a rule in March 2023 directing lenders to collect information on race, gender, and other small business borrower characteristics, but a federal judge in Texas placed it on hold several months later. The preliminary injunction was set to expire after the US Supreme Court ruled on the CFPB’s independent funding through the Federal Reserve, and the CFPB was directed to extend the rule’s compliance dates based on how long the hold ...