Overview
- The rule narrows who must report by raising the coverage threshold to 1,000 originations in each of the prior two years and by excluding Farm Credit System lenders.
- It excludes merchant cash advances, agricultural lending, and business loans of $1,000 or less from the reporting requirements.
- It redefines a small business as a firm with $1 million or less in annual revenue, which reduces the number of reportable applications.
- It trims required data by dropping pricing, denial reasons, application method, and employee counts, and it limits race and ethnicity reporting to broad categories while postponing decisions on what data will be public.
- It sets a January 1, 2028 compliance date and a June 1, 2029 first filing, and it signals supervisors will focus on good‑faith efforts in the first year.