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The Consumer Financial Protection Bureau said it plans to extend the compliance deadline on its 1071 small-business data collection and reporting rule following a Supreme Court ruling that ended a temporary injunction on the rule.
Details: In a notice on its 1071 page, the CFPB said it plans to:
Issue an interim final rule to extend the compliance deadlines to account for the 290 days that elapsed between the July 31, 2023, start of the injunction and the high court’s decision last Thursday in CFPB v. Community Financial Services Association of America.
Extend the compliance deadline to July 18, 2025, for the highest-volume lenders; Jan. 16, 2026, for moderate-volume lenders; and Oct. 18, 2026, for the smallest-volume lenders.
Ongoing 1071 Court Challenge: In a statement following the Supreme Court decision, ICBA said it continues to look forward to judicial review of the CFPB’s 1071 rule. A court filing from ICBA, the Independent Bankers Association of Texas, and Texas First Bank argues that the CFPB violated the law in issuing its 1071 rule by exceeding its statutory authority and by failing to comply with the Administrative Procedures Act when it finalized the rule.