MVA White Collar Defense, Investigations, and Regulatory Advice Blog

On May 1, 2026, the Consumer Financial Protection Bureau (CFPB) released its long-anticipated final rule (the “Final Rule”) revising its initial rulemaking in 2023 (the “Prior Rule”) to implement the small business lending data collection requirements under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Prior Rule was the subject of extensive litigation, re-proposals and compliance date extensions, which the CFPB, in the Final Rules, attributes to the Prior Rule’s expansive collection requirements. The Final Rule has a compliance date of January 2028, and the revisions will result in a reduction in both the number of institutions subject to its requirements and the number of data points, and detail, required to be collected. In addition, the Final Rule removes references in the Prior Rule to presumptive indicia that an institution may have discouraged applicants from providing requested data. Below, we set out key areas where the Final Rule revised prior requirements.

The banking industry is on the cusp of more changes in recovery and resolution planning, shaped by shifting regulatory priorities and perspectives on the 2023 regional bank failures. Recent actions by the FDIC and OCC have previewed a rollback of enhanced requirements introduced just last year—moves that would reduce the documentation required from large institutions. This article summarizes the proposed changes and potential impacts.

Why Regulators Are Changing Course

The 2023 regional bank failures raised questions about resolution readiness, prompting regulators to ...

Neil Bloomfield, Kate Wellman, and Emily Clayton of Moore & Van Allen’s (MVA) Financial Regulatory Advice & Response team co-authored the Law360 article, “NC Banking Brief: Regulatory and Market Update.”