CFPB Finalizes New Regulations for Small Business Surveys

On May 1, an announcement revealed that the Consumer Financial Protection Bureau (CFPB) officially finalized a regulation on Thursday aimed at replacing the requirement for banks to collect statistical data on small business borrowers, which was instituted during the Biden administration. Banking lobby groups had previously stated that this regulation, passed in 2023 under the Biden administration, constituted an intrusive burden and could ultimately lead to a reduction in small business loan issuance. The Trump administration had previously postponed the effective date of this regulation multiple times, citing legal challenges.

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