CFPB Reworking Biden-Era Small Business Lending Data Rule

The Consumer Financial Protection Bureau is working on a new proposal for its small business data collection rule that may resolve concerns raised in banking industry lawsuits challenging the Biden-era policy.

Acting CFPB Director Russell Vought is assessing the rule, required by Section 1071 of the 2010 Dodd-Frank Act, and he ordered staff members to come up with a new proposal for release “as expeditiously as reasonably possible,” the agency said in a Thursday filing in the US District Court for the Southern District of Florida.

The CFPB asked Judge David S. Leibowitz to apply a stay in the case ...