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  5. SECTION 1002.107

Federal Reserve Regulatory Service

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6-5065.556

SECTION 1002.107—Compilation of Reportable Data

(a) Data format and itemization. A covered financial institution shall compile and maintain data regarding covered applications from small businesses. The data shall be compiled in the manner prescribed herein and the filing instructions guide for this subpart for the appropriate year. The data compiled shall include the items described in paragraphs (a)(1) through (20) of this section.
(1) Unique identifier. An alphanumeric identifier, starting with the legal entity identifier of the financial institution, unique within the financial institution to the specific covered application, and which can be used to identify and retrieve the specific file or files corresponding to the application for or extension of credit.
(2) Application date. The date the covered application was received or the date shown on a paper or electronic application form.
(3) [Reserved]
(4) [Reserved]
(5) Credit type. The following information regarding the type of credit applied for or originated:
(i) Credit product. The credit product.
(ii) Guarantees. The type or types of guarantees that were obtained for an extension of credit, or that would have been obtained if the covered credit transaction were originated.
(iii) Loan term. The length of the loan term, in months, if applicable.
(6) Credit purpose. The purpose or purposes of the credit applied for or originated.
(7) Amount applied for. The initial amount of credit or the initial credit limit requested by the applicant.
(8) Amount approved or originated.
(i) For an application for a closed-end credit transaction that is approved but not accepted, the amount approved by the financial institution; or
(ii) For a closed-end credit transaction that is originated, the amount of credit originated; or
(iii) For an application for an open-end credit transaction that is originated or approved but not accepted, the amount of the credit limit approved.
(9) Action taken. The action taken by the financial institution on the covered application, reported as originated, approved but not accepted, denied, withdrawn by the applicant, or incomplete.
(10) Action taken date. The date of the action taken by the financial institution.
(11) [Reserved]
(12) [Reserved]
(13) Census tract. The census tract in which is located:
(i) The address or location where the proceeds of the credit applied for or originated will be or would have been principally applied; or
(ii) If the information in paragraph (a)(13)(i) of this section is unknown, the address or location of the main office or headquarters of the applicant; or
(iii) If the information in both paragraphs (a)(13)(i) and (ii) of this section is unknown, another address or location associated with the applicant.
(iv) The financial institution shall also indicate which one of the three types of addresses or locations listed in paragraphs (a)(13)(i), (ii), or (iii) of this section the census tract is based on.
(14) Gross annual revenue. The applicant’s gross annual revenue for its preceding fiscal year.
(15) NAICS code. A 3-digit North American Industry Classification System (NAICS) code for the applicant.
(16) [Reserved]
(17) Time in business. The time the applicant has been in business.
(18) Minority-owned and women-owned business statuses. Whether the applicant is a minority-owned and/or women-owned business. When requesting minority-owned and women-owned business statuses from an applicant, the financial institution shall inform the applicant that the financial institution cannot discriminate on the basis of minority-owned or women-owned business statuses, or on whether the applicant provides this information. The financial institution must also inform the applicant of its right to refuse to provide this information.
(19) Ethnicity, race, and sex of principal owners. The ethnicity, race, and sex of the applicant’s principal owners. When requesting ethnicity, race, and sex information from an applicant, the financial institution shall inform the applicant that the financial institution cannot discriminate on the basis of a principal owner’s ethnicity, race, or sex, or on whether the applicant provides this information. The financial institution must also inform the applicant of its right to refuse to provide this information.
(20) Number of principal owners. The number of the applicant’s principal owners.
(b) Reliance on and verification of applicant-provided data. Unless otherwise provided in this subpart, the financial institution may rely on information from the applicant, or appropriate third-party sources, when compiling data. If the financial institution verifies applicant-provided data, however, it shall report the verified data.
(c) Time and manner of collection.
(1) In general. A covered financial institution shall maintain procedures to collect applicant-provided data under paragraph (a) of this section and shall otherwise maintain procedures to collect such data at a time and in a manner that are reasonably designed to obtain a response.
(2) Applicant-provided data collected directly from the applicant. For data collected directly from the applicant, procedures that are reasonably designed to obtain a response shall include provisions for the following:
(i) The initial request for applicant-provided data occurs prior to notifying an applicant of final action taken on a covered application, or at another time reasonably designed to obtain a response;
(ii) The request for applicant-provided data is prominently displayed or presented; and
(iii) [Reserved]
(iv) Applicants can easily respond to a request for applicant-provided data.
(3) [Reserved]
(4) [Reserved]
(d) Previously collected data. A covered financial institution is permitted, but not required, to reuse previously collected data to satisfy paragraphs (a)(13) through (15) and (17) through (20) of this section if:
(1) To satisfy paragraphs (a)(13), (15), and (17) through (20) of this section, the data were collected within the 36 months preceding the current covered application, or to satisfy paragraph (a)(14) of this section, the data were collected within the same calendar year as the current covered application; and
(2) The financial institution has no reason to believe the data are inaccurate.
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Supplementary Information