On July 18, 2025, the American Financial Services Association (AFSA) submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) regarding compliance dates for section 1071 of the small business lending data collection rule. The rule has been involved in litigation, leading the CFPB to extend the compliance date for all covered lenders. This decision eliminates different timelines for lenders based on whether they participated in lawsuits.
The CFPB also announced its intention to draft a new section 1071 rule soon. AFSA expressed agreement with setting new compliance dates and took this opportunity to remind the CFPB of their previous comments on section 1071. They encouraged a measured approach in crafting the new rule.
"ASFA commented on this proposal to agree that establishing new compliance dates is a good idea," said an AFSA representative. "That being said, we took the opportunity to remind the CFPB of our past comments on its section 1071 rule and encourage the CFPB to take a measured approach with the new rule it is planning."