April 27, 2026, American Banker, Much-Maligned Small-Business Data Rule Close To Finish Line
When Vought was appointed acting director by President Trump, he said the CFPB would not comply with the 1071 rule, and then issued an interim final rule that extended the compliance deadlines by another year, to July 2026. The 2025 proposal extended compliance until January 2028.
An open question going forward is whether consumer groups will sue the CFPB when the latest iteration of the 1071 rule is finalized. Jesse Van Tol, president and CEO of the National Community Reinvestment Coalition, said that it’s important that the industry begin to gain the valuable insights into small-business lending that only an implemented 1071 rule can provide.
“Section 1071 has become partisan, but supporting small businesses by creating transparency around credit shouldn’t be,” Van Tol said. “The law is clear, and it needs to be implemented so we can finally see where capital is flowing — and where it’s falling short.”
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