The revised final rule takes effect 30 June 2026, with compliance from 1 January 2028 and first reports due 1 June 2029, for institutions originating at least 1,000 covered transactions in both 2026 and 2027. Merchant cash advances are excluded.
Full guide
MCAs are excluded from the CFPB’s final 1071 ruleThe federal reporting rule landed in May and left MCAs out. State pressure did not ease.
Related terms
CFPB
The federal agency with rulemaking and enforcement authority over consumer financial products, and over small business lending data under Section 1071.
Commercial financing disclosure law
State legislation requiring standardised cost disclosures to a business before it signs a financing agreement.