House Bill Seeks More Time for Lenders to Comply with CFPB Small Business Lending Rule, Redefine Small Business

A recently amended bill that was introduced in the US House of Representatives earlier this year aims to push back compliance deadlines with the CFPB’s Small Business Lending data collection rule. Specifically, HR 8338 seeks a 3-year preparation period from the time the rule was issued (which was March 2023) followed by a 2-year safe harbor where penalties are not issued for a failure to comply.

Furthermore, the bill aims to clarify the definition of “small business” as being any entity having gross annual revenue of $1 million or less in the most recently completed fiscal year.
You can read the text of the bill here.