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Compliance tier Revised compliance date in the 2023 final rule New compliance date in the 2024 interim final rule New compliance date New first filing deadline
Highest volume lenders (Tier 1) October 1, 2024 July 18, 2025 July 1, 2026 June 1, 2027
Moderate volume lenders (Tier 2) April 1, 2025 January 16, 2026 January 1, 2027 June 1, 2028
Smallest volume lenders (Tier 3) January 1, 2026 October 18, 2026 October 1, 2027 June 1, 2028

CFPB Extends Compliance Dates to implement section 1071 of the Dodd-Frank Act

The Consumer Financial Protection Bureau (CFPB) has extended the compliance deadlines for its Section 1071 Rule, which requires financial institutions to collect and report data on small business lending, particularly for women-, minority-, and LGBTQI-owned businesses. This latest extension, announced in June 2025, adjusts the compliance dates for all three tiers of lenders, with the earliest now set for July 1, 2026, and the latest for October 1, 2027. The decision follows ongoing litigation and court orders affecting the rule’s implementation, giving institutions additional time to prepare for reporting obligations.

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Solutions

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Introducing Small Biz Wiz
Small Biz Wiz is designed to meet the data collection requirements of Section 1071 of the Dodd-Frank Act. Built on the trusted platform of CRA Wiz and HMDA Wiz, the system is easy-to-use and easy to add to a financial institution’s data collection processes. Small Biz Wiz will save time and manual efforts in collecting, reporting, and analysis.
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Advisory Services
Supports compliance with the Consumer Financial Protection Bureau’s Small Business Lending Rules for Section 1071 of the Dodd-Frank Act.

Wolters Kluwer offers consulting services including data preparation and file scrubs, submission support, staff training, regulatory interpretation, operational planning, Compliance Management System (CMS) oversight, and small business Fair Lending risk reviews utilizing industry proven strategies to ensure compliance with complicated regulatory requirements.
Small Business Data Interface
ComplianceOne® | ARTA Lending | TSoftPlus™ 1071 Small Business Data Interface
Wolters Kluwer is implementing changes in ComplianceOne® Lending, ARTA Lending, and TSoftPlus™ to help you comply, including integrations to pass required data into Small Biz Wiz®.

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