Overview

• U.S. District Judge Randy Crane rejected challenges to the CFPB's data collection rule from banking industry groups.
• The rule mandates lenders to gather demographic and geographic data on small business borrowers.
• Bankers argue the rule could increase loan costs and is flawed in its data collection methods.
• The CFPB has launched a beta platform for testing the data collection process with financial institutions.
• Compliance deadlines for the rule have been extended, with the largest lenders required to comply by July 2025.