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On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the small business lending rule (final rule), which implements the small business lending data collection requirements set forth in section 1071 of the Dodd-Frank Act (Section 1071). This new rule requires those subject to it to collect and report certain information related to the loans they originate to small businesses, including those that are minority-owned or women-owned.
The 1071 Final Rule includes compliance date tiers for when a covered financial institution must begin collecting and reporting data. Depending on which compliance date tier applies to it, a covered financial institution may need to begin collecting data beginning on October 1, 2024. A financial institution can download and use the chart below to help determine the key collection and reporting dates for covered financial institutions in each compliance date tier.
