Earlier this week, the Consumer Financial Protection Bureau (CFPB) announced an update to Section 1071, the small business lending rule, extending compliance deadlines following recent court rulings. This move, aimed at providing clarity and additional time for lenders, comes in the wake of the Supreme Court decision in CFPB v. CFSA. Background of the Rule and Legal Proceedings The small business lending rule, initially issued by the CFPB on March 30, 2023, faced a temporary […]
