CFPB Mandates Better Data Tracking for Minority-Owned Business Loans
Published Date: 5/1/2026
Rule
Summary
Starting June 30, 2026, new rules will help banks and lenders better track loans to small, women-owned, and minority-owned businesses. These changes make it easier for lenders to follow the rules, improve the quality of loan data, and support fair lending. Lenders must fully comply by January 1, 2028, so small businesses get a fair shot at credit.
Analyzed Economic Effects
7 provisions identified: 4 benefits, 2 costs, 1 mixed.
Higher Coverage Threshold For Lenders
The origination threshold to be a covered financial institution is raised from 100 to 1,000 covered credit transactions in each of two consecutive years. Fewer lenders will be covered initially under the rule.
Effective and Compliance Dates Set
The Bureau's final rule takes effect on June 30, 2026. Covered financial institutions must fully comply by January 1, 2028, and there is a grace period from January 1, 2028 through December 31, 2028.
Certain Loan Types Are Excluded
The rule excludes merchant cash advances (MCAs), agricultural lending, and small-dollar loans from the definition of covered credit transactions. Those loan types will not be part of the Bureau's initial data collection.
Smaller Businesses Defined ($1M Threshold)
The rule narrows the definition of 'small business' for collection purposes by changing the gross annual revenue threshold from $5 million or less to $1 million or less. Only businesses with $1,000,000 or less gross annual revenue are initially treated as small businesses under the rule.
Core Data Points Narrowed
The Bureau focuses the initial data collection on the data points specified in section 1071 and removes discretionary fields including application method, application recipient, denial reasons, pricing information, and number of workers. It also modifies collection of business ownership status and the format of demographic data for principal owners.
Farm Credit System Lenders Exempted
The final rule excludes Farm Credit System (FCS) lenders from coverage, so FCS-originated small business credit will not be included in the initial data collection.
Aggregate Publication Expected First Year
The Bureau intends to publish aggregate data in the first year of collection but has not committed to publishing application-level data until after receiving a full year's worth of data and completing a privacy analysis and further rulemaking.
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Key Dates
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