Easier Rules for Small Lenders: Less Data, Fewer Reports
New rules give small financial institutions more time to comply with small business loan data collection requirements and protect them from penalties for two years after that period. These changes aim to reduce administrative burdens for smaller entities, potentially making it easier for small businesses to access financing.
Key points
Small financial institutions will have 3 years to implement new small business loan data collection rules.
For 2 years after this period, small institutions will be exempt from penalties for non-compliance, despite the obligation to comply.
The definition of a small financial institution includes those that originated at least 500 small business credit transactions in the two preceding calendar years.
A small business is defined as an entity with gross annual revenues of $1,000,000 or less.
Status:
Expired
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