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The CFPB released an updated version of its Filing Instructions Guide for the section 1071 rulemaking, related to small business lending data collection. Of note, a federal court in Texas recently delayed implementation of the rule for members of the banking trade groups that sued until the Supreme Court rules on the bureau’s funding structure; NAFCU and CUNA have called on the bureau to delay the rule for credit unions as well.

Another federal lawsuit was filed last week by the Kentucky Bankers Association and a number of Kentucky-based banks seeking to invalidate the section 1071 rule, similar to the Texas lawsuit.

The updates to the filing guide include:

• reordering certain demographic information codes to better correlate with Home Mortgage Disclosure Act (HMDA) data, per request from industry;
• minor wording clarifications to the pricing information data point; and
• minor administrative updates to the validation IDs.

The changes were also incorporated into the Small Business Lending Rule Data Points Chart. The bureau has a compliance guide for small entities and other resources available online.

NAFCU has consistently opposed the rule, as it would likely hinder credit unions’ small business lending. The rule is set to go into effect Aug. 29, and Congressional Review Act (CRA) resolutions have been introduced in the House and Senate in attempts to overturn the rule. NAFCU will continue to engage the bureau and lawmakers on the issue to obtain regulatory relief for credit unions.

The Supreme Court is set to hear oral arguments on the constitutionality of the bureau’s funding structure Oct. 3.