On May 1, 2026, the CFPB finalized a revised Section 1071 rule under ECOA, narrowing covered institutions, products, and required data points from the 2023 Rule, with a single compliance date of Jan. 1, 2028. Financial institutions may wish to begin assessing coverage status and compliance readiness.
Continue Reading CFPB Final Rule Narrows Small Business Lending Data Collection Requirements
The CFPB’s final amendments to Regulation B reshape fair lending compliance under ECOA, including changes to disparate impact liability, anti-discouragement standards, and SPCP requirements. Lenders may wish to assess the rule’s operational impact while preparing for potential litigation and state-level enforcement risks.
On Oct. 19, 2023, the CFPB released a proposed rule that, if finalized in its present form, would require covered financial institutions to provide consumers and authorized third parties with access and portability options for their financial data. The CFPB’s proposed rule, called the “Personal Financial Data Rights” rule, would implement Section 1033 of Title