CFPB to Delay Small Business Data Rule, Restrict Penalty Fund

A Biden-era requirement for lenders to report the demographics of small business borrowers would be delayed by about a year and other rules would be rolled back under the latest policy changes posted by the Consumer Financial Protection Bureau.

The consumer finance watchdog also plans to restrict its use of the Civil Penalty Fund—established by Congress to compensate fraud victims when companies are unable to repay them—and to rework how it supervises the international money transfer market, according to regulatory documents posted Monday and Tuesday.

The latest changes are part of the Trump administration’s efforts to weaken the CFPB across ...