CFPB Submits Final Section 1071 Reconsideration Rule to OMB for Review
Summary
The CFPB submitted a final reconsideration rule (RIN 3170-AB40) titled "Small Business Lending Data Collection Under the Equal Credit Opportunity Act Reconsideration" to OMB's Office of Information and Regulatory Affairs for review on April 16, 2026. The rule would revise provisions of the 2023 final rule implementing Section 1071 of the Dodd-Frank Act, which requires financial institutions to collect and report credit application data from small businesses, including women-owned and minority-owned businesses.
What changed
The CFPB has submitted a final reconsideration rule to OMB that would significantly narrow the scope of its 2023 Section 1071 small business lending data collection rule. Key changes include excluding merchant cash advances, agricultural lending, and small dollar loans from coverage; raising the origination threshold from 100 to 1,000 covered credit transactions; lowering the small business revenue definition from $5 million to $1 million; reducing the number of required data points; and extending the compliance date to January 1, 2028.
Financial institutions that would be subject to Section 1071 reporting should monitor this final rule as it moves through OMB review. The proposed narrowing of scope—including the higher transaction threshold and lower revenue definition—could substantially reduce the number of institutions required to collect and report small business lending data. Institutions should review their current compliance preparations and be prepared to adjust their data collection systems accordingly if these changes are finalized.
Archived snapshot
Apr 20, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
April 20, 2026
CFPB submits final Section 1071 reconsideration rule to OMB for review
On April 16, the CFPB submitted a final rule titled “Small Business Lending Data Collection Under the Equal Credit Opportunity Act Reconsideration” (RIN 3170-AB40) to the OMB’s Office of Information and Regulatory Affairs (OIRA) for review under Executive Order 12866 (as amended). The submission follows the Bureau’s November 2025 proposed rule to revise certain provisions of its 2023 final rule implementing Section 1071 of the Dodd-Frank Act, which amends the ECOA to require financial institutions to collect and report data on credit applications from small businesses, including women-owned and minority-owned businesses. As previously covered by InfoBytes, the reconsideration rule, as proposed, would narrow the rule’s scope by excluding merchant cash advances, agricultural lending, and small dollar loans; raise the origination threshold from 100 to 1,000 covered credit transactions; lower the small business revenue definition from $5 million to $1 million; reduce the number of data points that must be collected; and extend the compliance date to January 1, 2028.
[View source.]
;) ;) Report
Related Posts
- CFPB reports complaint volume doubled in 2025, citing surge in credit reporting disputes
- CFPB submits $75.8M budget request to Fed for third quarter 2026
- CFPB announces 2025 HMDA mortgage lending data now available
Latest Posts
- White House report asserts stablecoin yield ban would have minimal impact on bank lending
- OCC submits interim final rule, preemption determination to OMB on Illinois Interchange Fee Prohibition Act’s applicability to national banks See more »
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
Attorney Advertising.
©
Orrick, Herrington & Sutcliffe LLP
2026
Written by:
Orrick, Herrington & Sutcliffe LLP Contact + Follow
PUBLISH YOUR CONTENT ON JD SUPRA
- ✔ Increased readership
- ✔ Actionable analytics
- ✔ Ongoing writing guidance Join more than 70,000 authors publishing their insights on JD Supra
Published In:
Consumer Financial Protection Bureau (CFPB) + Follow Data Collection + Follow Dodd-Frank + Follow ECOA + Follow Executive Orders + Follow Final Rules + Follow OMB + Follow Proposed Rules + Follow Regulatory Oversight + Follow Regulatory Reform + Follow Reporting Requirements + Follow Section 1071 + Follow Small Business + Follow Administrative Agency + Follow Finance & Banking + Follow more
Orrick, Herrington & Sutcliffe LLP on:
Solve with 2Captcha
Solve with 2Captcha
Named provisions
Related changes
Get daily alerts for JD Supra Finance & Banking
Daily digest delivered to your inbox.
Free. Unsubscribe anytime.
Source
About this page
Every important government, regulator, and court update from around the world. One place. Real-time. Free. Our mission
Source document text, dates, docket IDs, and authority are extracted directly from Orrick.
The summary, classification, recommended actions, deadlines, and penalty information are AI-generated from the original text and may contain errors. Always verify against the source document.
Classification
Who this affects
Taxonomy
Browse Categories
Get alerts for this source
We'll email you when JD Supra Finance & Banking publishes new changes.
Subscribed!
Optional. Filters your digest to exactly the updates that matter to you.