The CFPB issued a final rule on May 1, 2026, revising its small business lending data collection requirements under Section 1071 (Regulation B). The rule narrows the 2023 framework and establishes a single compliance date of January 1, 2028.

Key Changes from the 2023 Rule:

• Higher reporting threshold: Increases from 100 to 1,000 covered originations in each of the two preceding years.
• Lower small business revenue threshold: Decreases from $5 million to $1 million or less.
• Reduced data points: Eliminates several discretionary data fields (e.g., pricing information, denial reasons, application method, number of workers).
• Narrowed scope of covered credit: Excludes certain products, including merchant cash advances, agricultural credit, and small-dollar loans.
• Reduced institutional coverage: Excludes certain lenders, including Farm Credit System institutions.
• Single compliance date: Replaces prior tiered compliance deadlines with January 1, 2028, for all covered lenders.

The CFPB indicated these changes are intended to streamline implementation, reduce burden, and improve data quality while maintaining fair lending objectives.

You can access the final rule here.

CCI suggests sharing this information with your senior management and lending staff, specifically to reassess whether your institution still meets the revised reporting thresholds. For many institutions, these changes may result in an exemption from the rule! For questions, please contact us via inquiries@completecompli.com.

Sarah Smith, CRCM, CAFP