Some Banks Get Stay on Small Business Data Collection Rule (1)

Some banks and credit unions will get a reprieve from complying with the Consumer Financial Protection Bureau’s small business demographic data collection rule until litigation challenging it is resolved.

Members of the American Bankers Association, the Independent Community Bankers Association of America, the Texas Bankers Association, and other trade groups were granted a stay on the rule’s compliance date in an unpublished order Friday from the US Court of Appeals for the Fifth Circuit.

The CFPB had asked for a 90-day compliance stay.

“This will spare our member banks across the country from having to comply with this misguided rule ...