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The U.S. Consumer Financial Protection Bureau finalizes new regulations for small business surveys
Golden Finance reports that on May 1st, an announcement showed that the U.S. Consumer Financial Protection Bureau (CFPB) officially finalized a regulation on Thursday aimed at replacing the rules established during the Biden administration that required banks to collect small business borrower statistics.
The banking industry lobbying group had previously stated that this regulation, passed in 2023 during the Biden administration, constitutes an intrusive burden and could ultimately lead to a reduction in small business loan issuance.
The Trump administration had previously delayed its effective date multiple times, citing legal challenges to the regulation.