The CFPB's revised Section 1071 rule became effective June 30, 2026, with a compliance date of January 1, 2028. It raises the covered-lender origination threshold from 100 to 1,000 loans a year, narrows 'small business' to $1 million or less in gross revenue, excludes merchant cash advances and loans under $1,000, and drops many discretionary demographic and pricing data points.
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CFPB's revised small-business lending data (1071) rule takes effect June 30, 2026
Why this matters for founders
Founders raising debt will see lenders collect less data at application; those building a lending or fintech product get a higher coverage threshold and simpler reporting before the 2028 compliance date.
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