15 USC 1691c-2 - Small business loan data collection

U.S Code last checked for updates: Apr 28, 2024

§ 1691c–2.

Small business loan data collection

(a)

Purpose

(b)

Information gathering

Subject to the requirements of this section, in the case of any application to a financial institution for credit for women-owned, minority-owned, or small business, the financial institution shall—

(1)

inquire whether the business is a women-owned, minority-owned, or small business, without regard to whether such application is received in person, by mail, by telephone, by electronic mail or other form of electronic transmission, or by any other means, and whether or not such application is in response to a solicitation by the financial institution; and

(2)

maintain a record of the responses to such inquiry, separate from the application and accompanying information.

(c)

Right to refuse

(d)

No access by underwriters

(1)

Limitation

(2)

Limited access

(e)

Form and manner of information

(1)

In general

(2)

Itemization

Information compiled and maintained under paragraph (1) shall be itemized in order to clearly and conspicuously disclose—

(A)

the number of the application and the date on which the application was received;

(B)

the type and purpose of the loan or other credit being applied for;

(C)

the amount of the credit or credit limit applied for, and the amount of the credit transaction or the credit limit approved for such applicant;

(D)

the type of action taken with respect to such application, and the date of such action;

(E)

the census tract in which is located the principal place of business of the women-owned, minority-owned, or small business loan applicant;

(F)

the gross annual revenue of the business in the last fiscal year of the women-owned, minority-owned, or small business loan applicant preceding the date of the application;

(G)

the race, sex, and ethnicity of the principal owners of the business; and

(H)

any additional data that the Bureau determines would aid in fulfilling the purposes of this section.

(3)

No personally identifiable information

(4)

Discretion to delete or modify publicly available data

(f)

Availability of information

(1)

Submission to Bureau

(2)

Availability of information

Information compiled and maintained under this section shall be—

(A)

retained for not less than 3 years after the date of preparation;

(B)

made available to any member of the public, upon request, in the form required under regulations prescribed by the Bureau;

(C)

annually made available to the public generally by the Bureau, in such form and in such manner as is determined by the Bureau, by regulation.

(3)

Compilation of aggregate data

The Bureau may, at its discretion—

(A)

compile and aggregate data collected under this section for its own use; and

(B)

make public such compilations of aggregate data.

(g)

Bureau action

(1)

In general

(2)

Exceptions

(3)

Guidance

(h)

Definitions

For purposes of this section, the following definitions shall apply:

(1)

Financial institution

(2)

Small business

(3)

Small business loan

(4)

Minority

(5)

Minority-owned business

The term “minority-owned business” means a business—

(A)

more than 50 percent of the ownership or control of which is held by 1 or more minority individuals; and

(B)

more than 50 percent of the net profit or loss of which accrues to 1 or more minority individuals.

(6)

Women-owned business

The term “women-owned business” means a business—

(A)

more than 50 percent of the ownership or control of which is held by 1 or more women; and

(B)

more than 50 percent of the net profit or loss of which accrues to 1 or more women.

(Pub. L. 90–321, title VII, § 704B, as added Pub. L. 111–203, title X, § 1071(a), July 21, 2010, 124 Stat. 2056.)

cite as: 15 USC 1691c-2