CFPB is Extending Compliance Dates for 1071

The CFPB is extending compliance dates due to ongoing court orders in litigation that have stayed the rule’s compliance deadlines for some market participants in three jurisdictions. To facilitate consistent compliance across all covered financial institutions, the CFPB is extending the compliance dates set forth in the 2024 interim final rule by approximately one year.

The new compliance dates are: July 1, 2026 for highest volume lenders (Tier 1), January 1, 2027 for moderate volume lenders (Tier 2), and October 1, 2027 for smallest volume lenders (Tier 3). The deadline for submitting small business lending data will remain June 1 following the calendar year for which data are collected.

The rule also allows financial institutions additional flexibility in determining their compliance tier by using origination data from different year combinations, and updates the CFPB’s grace period policy to reflect the new dates. Please click here for more information.