Federal Register #2026-08494

CFPB Final Rule: Regulation B Revisions for Small Business Lending Data Collection

The Consumer Financial Protection Bureau (CFPB) has issued a final rule revising Regulation B to implement section 1071 of the Dodd-Frank Act, focusing on small business lending data collection and reporting requirements. - Government Buyer: - Consumer Financial Protection Bureau (CFPB), a federal agency - Products/Services Requested: - No products or services are being procured; this is a regulatory action - The rule establishes new data collection and reporting requirements for financial institutions engaged in small business lending - OEMs and Vendors: - No Original Equipment Manufacturers (OEMs) or vendors are mentioned, as this is not a procurement - Notable Requirements: - Rule applies to financial institutions making at least 1,000 small business loans annually - Focuses on core lending products and statutory data points - Excludes merchant cash advances, agricultural loans, small dollar loans under $1,000, and Farm Credit System lenders - Lowers the small business revenue threshold to $1 million - Removes several discretionary data points (e.g., application method, denial reasons, pricing, LGBTQI+ status) - Compliance begins January 1, 2028, with a 12-month grace period for good faith compliance - Financial institutions may use originations from 2025 and 2026 to determine initial coverage - Locations: - Rule applies nationwide; CFPB is the responsible federal office

Description

This procurement involves the final rule issued by the Consumer Financial Protection Bureau (CFPB) regarding small business lending under the Equal Credit Opportunity Act. The rule revises Regulation B to implement changes made by section 1071 of the Dodd-Frank Act, focusing on data collection and reporting requirements for small business lending. The rule aims to streamline the regulation, reduce complexity for lenders, improve data quality, and further the purposes of section 1071. The final rule is effective June 30, 2026, with a compliance date of January 1, 2028.

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