Jan8

CEO Co-Lab

GoWest's CEO Co-Lab is quickly becoming a "can't-miss" event among the region's most forward-thinking and innovative CEOs – you won't want to miss it.
Jan16

Wyoming CU Day at the Capitol

Our collective advocacy priority will be to showcase the impact Wyoming credit unions are making across the state, while increasing our connection and relationship with our elected leaders at the Wyoming Capitol.
Jan22

Idaho CU Day at the Capitol

Our collective advocacy priority will be to showcase the impact Idaho credit unions are making across the state, while increasing our connection and relationship with our elected leaders at the Idaho Capitol.
Jan28

Arizona CU Day at the Capitol

Our collective advocacy priority will be to showcase the impact Arizona credit unions are making across the state, while increasing our connection and relationship with our elected leaders at the Arizona Capitol.

Brittanie Bonanzino

AVP, Communications

Washington

Alyse Headshot

Alyse Knudsen

Manager, Communications

Oregon

Home » Advocacy On The Move »

Update on CFPB Small Business Lending Rule

Posted by on September 13, 2024

CFPB Extends Compliance Deadlines for Small Business Lending Rules

On June 25th, the Consumer Financial Protection Bureau (CFPB) announced a 290-day extension for compliance with the small-business lending rules under Section 1071 of the Dodd-Frank Act. This extension provides credit unions with ample time to develop and implement the required data collection systems.

During this extension, the CFPB also noted plans for beta testing a data submission platform, giving lenders the opportunity to prepare their systems for compliance. For more information on this announcement, you can read our earlier blog post here.

CFPB Opens Beta Testing for Small Business Lending Data Collection Platform

As of September 7th, the CFPB officially launched the beta platform for testing data collection under the 1071 small business lending rule. Financial institutions are encouraged to test the platform by uploading sample files, either from the CFPB’s repository or created in-house.

It is important that no actual customer data should be included in these test files, as the information submitted during this testing phase will not count towards compliance and can be deleted at any time.

Steps to Begin Testing:

  1. Verify that your financial institution has a Legal Entity Identifier.
  2. Create an account with Login.gov using your official financial institution email address (personal email addresses will not be accepted).
  3. Select the financial institution for which you are authorized to file reports.

Resources

The CFPB is seeking feedback from institutions using the beta platform. Any comments or questions can be directed to [email protected].

Additionally, the CFPB has released the updated  2025 Small Business Lending Filing Instructions Guide (the “Guide”) which includes the latest compliance deadlines and guidelines for data submission.

For credit unions looking to stay ahead of these developments, participating in the beta testing phase offers an opportunity to ensure readiness with the new rules. We’ll continue to monitor updates and keep you informed.

Posted in Advocacy on the Move.