CFPB Small Business Data Rule Halted While Agency Reworks It

Some small business lenders won’t have to comply with a Consumer Financial Protection Bureau rule mandating they collect demographic data from borrowers while the agency reworks it, a federal judge ruled.

Members of the Revenue Based Finance Coalition, a Florida-based trade group representing small business financing companies, won’t have to meet compliance deadlines set out in the CFPB’s small business lending data collection rule while the agency develops a new proposal, Judge David S. Leibowitz of the US District Court for the Southern District of Florida ruled Tuesday.

The stay will last as long as one imposed in a separate ...