Subpart B is added, effective August 29, 2023.
The CFPB has published an FAQ on its Small Business Lending Rule [this subpart].
- In July 2023, the U.S. District Court for the Southern District of Texas issued a preliminary injunction prohibiting the CFPB from enforcing the Small Business Lending Data Collection Rule against a limited set of banks.
- On October 26, 2023, that court expanded the scope of its July injunction to cover all lenders covered by the Rule. The injunction will prevent enforcement by the CFPB pending the U.S. Supreme Court's ruling on the constitutionality of the CFPB's funding mechanism.
- The Supreme Count ruled that the CFPB's funding mechanism is constitutional.
- The CFPB subsequently issued an interim final rule delaying the compliance dates in the regulation by 290 days. Section 1002.114 has been updated with those dates and other changes made by the interim final rule.
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