Federal Judge Upholds CFPB's Small Business Lending Data Rule

The ruling dismisses banking industry objections, reinforcing the CFPB's authority to enforce fair lending practices.

U.S. District Judge Randy Crane rejected challenges to the CFPB's data collection rule from banking industry groups.
The rule mandates lenders to gather demographic and geographic data on small business borrowers.
Bankers argue the rule could increase loan costs and is flawed in its data collection methods.
The CFPB has launched a beta platform for testing the data collection process with financial institutions.
Compliance deadlines for the rule have been extended, with the largest lenders required to comply by July 2025.