CFPB revises Section 1071 small-business lending data reporting—effective June 30, 2026; compliance starts Jan. 1, 2028

On June 30, 2026, the Consumer Financial Protection Bureau (CFPB) will put into effect a final rule revising Regulation B under the Equal Credit Opportunity Act (ECOA) to implement Section 1071 of the Dodd-Frank Act. The CFPB issued the final rule on May 1, 2026, and it extends the compliance date to January 1, 2028.

For Main Street businesses that seek small-business credit—and for the lenders that underwrite those applications—the core change is about what lending data must be collected and reported, not about an immediate overhaul of day-to-day credit approval standards.

Quick context: what Section 1071 data requirements are

Section 1071 directs financial institutions to compile, maintain, and submit certain data on applications for credit for women-owned, minority-owned, and small businesses. CFPB describes the goal as supporting enforcement of fair lending laws and helping stakeholders identify business and community development needs and opportunities.

The timeline in plain English

Rule effective date: June 30, 2026.
Compliance/data-collection start: January 1, 2028.

What’s changing besides the deadline

CFPB says the final rule revises several parts of Regulation B’s Section 1071 framework, including:

Coverage of certain credit transactions and financial institutions.
The definition of “small business” used for the rule.
Which data points are included and how some are collected.

CFPB characterizes the changes as intended to streamline the rule, reduce complexity for lenders, improve data quality, and advance the purposes of Section 1071.

Who is affected

Small-business applicants: lenders may update application workflows and data-capture fields so they can meet the Section 1071 requirements once compliance begins.

Covered lenders: financial institutions responsible for Regulation B compliance must prepare their recordkeeping and reporting systems ahead of January 1, 2028.

What to watch next

CFPB implementation updates to reflect the May 1, 2026 final rule (CFPB notes it will update regulatory and implementation materials at a later date).
Lender system changes between now and January 1, 2028, focused on data collection and reporting requirements under the revised Regulation B provisions.
CFPB compliance resources (including filing instructions and other materials) as they are updated for the revised requirements.

If you run a small business, the practical near-term takeaway is to expect lenders’ forms and internal data requests to evolve as compliance approaches—especially if you apply for loans, lines of credit, or other covered small-business credit products.

Sources

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