CFPB Again Delays Small-Biz Data Collection Rule’s Compliance Timeline

CFPB again delays small-biz data collection rule’s compliance timeline

The bureau in April said it is “assessing” the rule with an eye toward retooling it. The CFPB later said it wouldn’t enforce the measure. And Senate Republicans have sought to push compliance to 2034.

CFPB extends compliance date for small business lending rule

The Consumer Financial Protection Bureau cited ongoing litigation and cost benefits in extending compliance by roughly a year with reporting data on the race, ethnicity and gender of small business loan applicants.