Compliance deadlines under the consumer financial protection agency’s 2023 small-business lending rule are extended by more than 11 months under an interim rule set to take effect July 18, when public comments are due.
A recent Federal Register notice points to ongoing litigation over the rule, which requires reporting of small-business loan data under section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), in explaining the extensions.
The changes in data collection and first-filing deadlines are detailed in the table at right, shown as it appears in the notice. The CFPB reiterated it intends to initiate a new Section 1071 rulemaking and “anticipates issuing a notice of proposed rulemaking as expeditiously as reasonably possible.”
Leave a Reply