Close Menu
Nabka News
  • Home
  • News
  • Business
  • China
  • India
  • Pakistan
  • Political
  • Tech
  • Trend
  • USA
  • Sports

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

PM Shehbaz condemns Israeli settlers for storming Al-Aqsa mosque

August 4, 2025

Amazon lays off about 100 employees in its Wondery unit

August 4, 2025

South Africa rout Pakistan in WCL final – Sport

August 4, 2025
Facebook X (Twitter) Instagram
  • Home
  • About NabkaNews
  • Advertise with NabkaNews
  • DMCA Policy
  • Privacy Policy
  • Terms of Use
  • Contact us
Facebook X (Twitter) Instagram Pinterest Vimeo
Nabka News
  • Home
  • News
  • Business
  • China
  • India
  • Pakistan
  • Political
  • Tech
  • Trend
  • USA
  • Sports
Nabka News
Home » CFPB extends deadline to comply with small business lending rules
Business

CFPB extends deadline to comply with small business lending rules

i2wtcBy i2wtcJune 25, 2024No Comments3 Mins Read
Share Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp Copy Link
Follow Us
Google News Flipboard Threads
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link


Washington DC – Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule extending the compliance deadline for the small business lending rule. After the CFPB issued its small business lending rule on March 30, 2023, a federal court in Texas put the rule on hold pending a Supreme Court decision. CFPB vs. CFSAThe Texas court also required the CFPB to extend the rule’s compliance deadline to make up for the delay. Today’s interim final rule complies with recent Supreme Court decisions. CFPB Vs. CFSA.

The interim final rule extends the compliance deadline by 290 days, the number of days that elapsed between the Texas court’s first stay of enforcement last year and the Supreme Court’s 2019 decision. CFPB vs. CFSA Under the rules released last month, lenders with the highest small business loan volume must begin collecting data by July 18, 2025, mid-volume lenders by January 16, 2026, and lowest-volume lenders by October 18, 2026. The deadline for reporting small business loan data to the CFPB remains June 1 of the year following the calendar year covered by the data collection. Thus, high-volume lenders would first submit data by June 1, 2026, and mid- and low-volume lenders would first submit data by June 1, 2027. Under the interim final rule, lenders can continue to use their 2022 and 2023 small business loan history to determine their initial compliance date, or they can use their 2023 and 2024 loan history.

Lenders may also begin data collection much earlier. The rule allows lenders to collect demographic data up to one year prior to the compliance date to test their procedures and systems. The CFPB also updated the grace period to reflect the revised date. The CFPB does not intend to impose penalties for reporting errors in the first 12 months of collection and will only conduct examinations to help lenders diagnose compliance weaknesses, so long as the lender is complying in good faith.

Resources to assist with implementing the Small Business Lending Rule can be found on the Small Business Lending Database webpage. The CFPB’s Small Business Lending Data Submission Platform will be available for open beta testing in August. Beta test participants who would like to receive general updates about the rule can sign up for updates on the Small Business Lending Database page and enter their email address in the email sign-up box.

Read today’s interim final rule.


The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces federal consumer financial laws and ensures that the marketplace for consumer financial products is fair, transparent, and competitive. For more information, please visit: Consumer finance.



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp Copy Link
i2wtc
  • Website

Related Posts

Business

American Eagle Sydney Sweeney campaign ‘hottest ad’: Trump

August 4, 2025
Business

Boeing defense workers go on strike after rejecting contract

August 4, 2025
Business

Wealth terminology guide aims to ‘counteract the BS’ for investors

August 3, 2025
Business

Restaurants add spicy menu items in a bid for younger diners

August 2, 2025
Business

See inside JFK airport’s new $9.5 billion international terminal

August 2, 2025
Business

Why Black entrepreneurs flock to Martha’s Vineyard every August

August 1, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

PM Shehbaz condemns Israeli settlers for storming Al-Aqsa mosque

August 4, 2025

House Republicans unveil aid bill for Israel, Ukraine ahead of weekend House vote

April 17, 2024

Prime Minister Johnson presses forward with Ukraine aid bill despite pressure from hardliners

April 17, 2024

Justin Verlander makes season debut against Nationals

April 17, 2024
Don't Miss

Trump says China’s Xi ‘hard to make a deal with’ amid trade dispute | Donald Trump News

By i2wtcJune 4, 20250

Growing strains in US-China relations over implementation of agreement to roll back tariffs and trade…

Donald Trump’s 50% steel and aluminium tariffs take effect | Business and Economy News

June 4, 2025

The Take: Why is Trump cracking down on Chinese students? | Education News

June 4, 2025

Chinese couple charged with smuggling toxic fungus into US | Science and Technology News

June 4, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

About Us
About Us

Welcome to NabkaNews, your go-to source for the latest updates and insights on technology, business, and news from around the world, with a focus on the USA, Pakistan, and India.

At NabkaNews, we understand the importance of staying informed in today’s fast-paced world. Our mission is to provide you with accurate, relevant, and engaging content that keeps you up-to-date with the latest developments in technology, business trends, and news events.

Facebook X (Twitter) Pinterest YouTube WhatsApp
Our Picks

PM Shehbaz condemns Israeli settlers for storming Al-Aqsa mosque

August 4, 2025

Amazon lays off about 100 employees in its Wondery unit

August 4, 2025

South Africa rout Pakistan in WCL final – Sport

August 4, 2025
Most Popular

Livestreaming from “roof of the world” — Tibetan woman’s rural life draws millions online-Xinhua

July 10, 2025

China’s Qinghai pioneers green growth with ecology-first strategy-Xinhua

July 16, 2025

The century-spanning echo of Edgar Snow-Xinhua

July 21, 2025
© 2025 nabkanews. Designed by nabkanews.
  • Home
  • About NabkaNews
  • Advertise with NabkaNews
  • DMCA Policy
  • Privacy Policy
  • Terms of Use
  • Contact us

Type above and press Enter to search. Press Esc to cancel.