CFPB Extends Compliance Deadline for Small Business Lending Rule After Supreme Court Decision: What You Need to Know

In response to court orders, the Consumer Financial Protection Bureau (CFPB) has extended the compliance dates for its small business lending rule. Last year, a federal court in Texas stayed the rule pending a Supreme Court decision, which was handed down in May. As a result, the CFPB was required to extend the rule’s compliance deadlines to make up for the time the rule was stayed, according to a press release issued on Tuesday, June 25th.

The interim final rule issued by the CFPB extends the compliance dates by 290 days, which is the same amount of time that passed between the Texas court’s stay last year and the Supreme Court’s decision last month. The small business lending rule, issued by the CFPB on March 30, 2023, expands the data that lenders must collect when determining who receives business loans. Lenders will now be required to collect and disclose demographic, geographic, and other details about borrowers.

The Supreme Court decision that lifted the stay on the rule was made on May 16 when