CFPB Pushes Back Section 1071 Compliance Deadlines

Posted: May 20 2024

The CFPB has announced that it had pushed back the compliance deadlines by several months for its Section 1071 small-business data collection rule in response to litigation.

The compliance deadline for Tier 1 institutions is now July 18, 2025, with the first filing deadline on June 1, 2026. The compliance deadline for Tier 2 institutions is Jan. 16, 2026, with the first filing deadline June 1, 2027. The compliance deadline for Tier 3 institutions is Oct. 18, 2026, with the first filing deadline also June 1, 2027.

A federal court in Texas stayed implementation of the rule pending the outcome of a separate Supreme Court case involving the constitutionality of the CFPB’s funding, with the high court last week upholding the bureau’s funding structure. The Texas court ordered the CFPB to extend the rule’s compliance deadlines to compensate for the period stayed, the bureau said.

To read more, visit: https://www.consumerfinance.gov/1071-rule/