Consumer Financial Protection Bureau: Small Business Lending Under the Equal Credit Opportunity Act (Regulation B); Extension of Compliance Dates
Highlights
GAO reviewed the Consumer Financial Protection Bureau's (CFPB) new rule entitled "Small Business Lending Under the Equal Credit Opportunity Act (Regulation B); Extension of Compliance Dates." GAO found that the final rule finalizes a 2025 interim final rule that amends CFPB's Regulation B to extend the compliance date set forth in its 2023 small business lending rule, as amended by a 2024 interim final rule, and to make other date-related conforming adjustments.
Enclosed is our assessment of CFPB's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Will Shakely, Acting Assistant General Counsel, at (202) 512-3363.
B-337892
December 9, 2025
The Honorable Tim Scott
Chairman
The Honorable Elizabeth Warren
Ranking Member
Committee on Banking, Housing, and Urban Affairs
United States Senate
The Honorable French Hill
Chairman
The Honorable Maxine Waters
Ranking Member
Committee on Financial Services
House of Representatives
Subject: Consumer Financial Protection Bureau: Small Business Lending Under the Equal Credit Opportunity Act (Regulation B); Extension of Compliance Dates
Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Consumer Financial Protection Bureau (CFPB) entitled “Small Business Lending Under the Equal Credit Opportunity Act (Regulation B); Extension of Compliance Dates” (RIN: 3170-AB40). We received the rule on October 17, 2025. It was published in the Federal Register on October 2, 2025. 90 Fed. Reg. 47514. The stated effective date of the rule is December 1, 2025.
This rule finalizes a 2025 interim final rule that amends CFPB's Regulation B to extend the compliance date set forth in its 2023 small business lending rule, as amended by a 2024 interim final rule, and to make other date-related conforming adjustments. Id. According to CFPB, the rule confirms the determinations made in the 2025 interim final rule without making any additional substantive changes to the compliance dates or accompanying provisions. Id. at 47518.
The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). The rule was published on October 2, 2025. 90 Fed. Reg. 47514. The House of Representatives received the rule on October 10, 2025. 171 Cong. Rec. H4535 (daily ed. Oct. 14, 2025). The Senate received the rule on October 27, 2025. 171 Cong. Rec. S7783 (daily ed. Oct. 28, 2025). The rule has a stated effective date of December 1, 2025. Therefore, the stated effective date is less than 60 days from the date of receipt of the rule by Congress.[1]
Enclosed is our assessment of CFPB's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Will Shakely, Acting Assistant General Counsel, at (202) 512-3363.
Shirley A. Jones
Managing Associate General Counsel
Enclosure
cc: Christopher Shelton
Senior Counsel, Legal Division
Consumer Financial Protection Bureau
ENCLOSURE
REPORT UNDER 5 U.S.C. § 801(a)(2)(A) ON A MAJOR RULE
ISSUED BY THE
CONSUMER FINANCIAL PROTECTION BUREAU
ENTITLED
“SMALL BUSINESS LENDING UNDER THE EQUAL CREDIT OPPORTUNITY ACT (REGULATION B); EXTENSION OF COMPLIANCE DATES”
(RIN: 3170-AB40)
(i) Cost-benefit analysis
The Consumer Financial Protection Bureau (CFPB) prepared an analysis of the costs and benefits for this rule. See 90 Fed. Reg. 47514, 47518 (Oct. 2, 2025). CFPB noted that the rule does not substantively revise Regulation B beyond the 2023 final rule, as amended by the 2024 and 2025 interim final rules, and thus does not confer any costs or benefits relative to the baseline. Id. CFPB stated in the rule that it does not anticipate that the rule will confer any additional costs or benefits to covered persons or small businesses beyond those already accounted for in the 2025 interim final rule. Id. at 47519.
(ii) Agency actions relevant to the Regulatory Flexibility Act (RFA), 5 U.S.C. §§ 603–605, 607, and 609
CFPB stated that the Acting Director of CFPB has certified that this rule will not have a significant economic impact on a substantial number of small entities. See 90 Fed. Reg. at 47519.
(iii) Agency actions relevant to sections 202–205 of the Unfunded Mandates Reform Act of 1995, 2 U.S.C. §§ 1532–1535
As an independent regulatory agency, CFPB is not subject to the Act.
(iv) Other relevant information or requirements under acts and executive orders
Administrative Procedure Act, 5 U.S.C. §§ 551 et seq.
On June 18, 2025, CFPB published an interim final rule. 90 Fed. Reg. 25874. CFPB said that although it “determined that the Administrative Procedure Act's good cause exception for not requiring public comment applied to the 2025 interim final rule,” CFPB nonetheless solicited comments on the interim final rule. 90 Fed. Reg. 47514, 47515. CFPB responded to comments in the rule. Id.
Paperwork Reduction Act (PRA), 44 U.S.C. §§ 3501–3520
CFPB determined that this rule contains no new information collection requirements under the Act. 90 Fed. Reg. at 47520.
Statutory authorization for the rule
CFPB promulgated this rule pursuant to section 1691c-2(g)(1) of title 15, United States Code.
Executive Order No. 12866 (Regulatory Planning and Review)
CFPB stated that the rule is significant under the Order. 90 Fed. Reg. at 47520. CFPB stated that the rule was submitted to the Office of Management and Budget for review. Id.
Executive Order No. 13132 (Federalism)
As an independent regulatory agency, CFPB is not subject to the Order.
[1] CFPB stated in its submission to GAO that the effective date of the rule complied with CRA because the exception found at 5 U.S.C. § 808(2) applied. CRA includes two exceptions to its 60-day delayed effective date requirement for major rules. 5 U.S.C. § 808. The second exception only applies when the agency has found good cause to waive notice and public procedure requirements when promulgating the rule and incorporates the finding and a brief statement therefor in the rule. 5 U.S.C. § 808(2). Although CFPB made such a finding with respect to the earlier interim final rule, see 90 Fed. Reg. at 47515, CFPB did not include the required statement finding good cause with respect to this rule. Therefore, the exception does not apply.