The CFPB’s finalized small business lending data collection rule became effective June 30. The rule applies to institutions that originated at least 1,000 covered transactions for small businesses in each of the previous two calendar years. Small business is now defined as $1 million or less in gross annual revenue, which is significantly narrowed from the previous $5 million threshold.
Data collection begins Jan. 1, 2028, with a one-year grace period for good-faith submissions.
CFPB Section 1071 information page: https://www.consumerfinance.gov/1071-rule/