On August 16, 2024 the CFPB issued an updated 2025 Small Business Lending Filing Instructions Guide (the “Guide”). The Guide provides updated compliance dates that correspond to the new compliance dates.
As a refresher, the CFPB previously issued an Interim Final Rule extending the compliance dates for the Small Business Lending Rule in light of the Supreme Court’s decision finding the funding structure of the CFPB to be constitutional in CFPB v. Community Financial Services Association of America.
The Guide makes the following minor updates:
- changing references from 2024 to 2025;
- changing the applicable filing period to reflect the updated Tier 1 compliance dates of July 18, 2025 through December 31, 2025;
- changing the examples for the “Action Take Date” and “Application Date” data points to reflect the new compliance dates and the year 2025; and
- changing the validation ID E0321 to reflect the updated filing period based on the new Tier 1 compliance dates.
As another reminder, on August 7, 2024, the U.S. District Court for the Eastern District of Kentucky granted the CFPB’s motion to stay the Small Business Lending Rule litigation before the court until resolution of the case pending in the Southern District of Texas.
Our CFS attorneys continue to assist financial institutions in preparing for the upcoming compliance dates. We continue to monitor updates to the CFPB’s Small Business Lending Rule, and related litigation.