CFPB extends compliance deadline for small business lending rule

The Consumer Financial Protection Bureau announced an interim final rule extending the compliance deadline for the small business lending rule.

Following the small business lending rule issued by the CFPB on March 30, 2023, a federal court in Texas stayed the rule in a lawsuit filed by TBA, American Bankers Association and other trade groups, ruling the Bureau could not enforce the rule until the U.S. Supreme Court heard the CFPB vs. CFSA case. The Texas court also mandated that the CFPB extend the rule’s compliance deadlines to account for the stay period. Thus, the announced interim final rule reflects the recent Supreme Court decision in CFPB v. CFSA.

Read the full statement here.