---
kind: "section"
citation: "15 U.S.C. § 1691c–2"
title: "15"
title_heading: "Commerce and Trade"
number: "1691c–2"
heading: "Small business loan data collection"
release: "119-102"
url: "https://uscodex.org/usc/15/1691c-2"
units:
  - "Chapter 41 — Consumer Credit Protection"
  - "Subchapter IV — Equal Credit Opportunity"
---

# §1691c–2. Small business loan data collection

- (a) **Purpose—** The purpose of this section is to facilitate enforcement of fair lending laws and enable communities, governmental entities, and [creditors](/usc/15/1691a.md?p=e) to identify business and community development needs and opportunities of [women](/usc/15/657p.md?p=a-10)-owned, [minority](#h-4)-owned, and [small businesses](#h-2).
- (b) **Information gathering—** Subject to the requirements of this section, in the case of any [application](/usc/15/77ccc.md?p=8) to a [financial institution](#h-1) for [credit](/usc/15/1602.md?p=f) for [women](/usc/15/657p.md?p=a-10)-owned, [minority](#h-4)-owned, or [small business](#h-2), the [financial institution](#h-1) shall—
  - (1) inquire whether the business is a [women](/usc/15/657p.md?p=a-10)-owned, [minority](#h-4)-owned, or [small business](#h-2), without regard to whether such [application](/usc/15/77ccc.md?p=8) is received in [person](/usc/15/1602.md?p=e), by mail, by telephone, by electronic mail or other form of electronic transmission, or by any other means, and whether or not such [application](/usc/15/77ccc.md?p=8) is in response to a solicitation by the [financial institution](#h-1); and
  - (2) maintain a record of the responses to such inquiry, separate from the [application](/usc/15/77ccc.md?p=8) and accompanying information.
- (c) **Right to refuse—** Any [applicant](/usc/15/1691a.md?p=b) for [credit](/usc/15/1602.md?p=f) may refuse to provide any information requested pursuant to [subsection (b)](#b) in connection with any [application](/usc/15/77ccc.md?p=8) for [credit](/usc/15/1602.md?p=f).
- (d) **No access by underwriters—**
  - (1) **Limitation—** Where feasible, no loan underwriter or other officer or employee of a [financial institution](#h-1), or any affiliate of a [financial institution](#h-1), involved in making any determination concerning an [application](/usc/15/77ccc.md?p=8) for [credit](/usc/15/1602.md?p=f) shall have access to any information provided by the [applicant](/usc/15/1691a.md?p=b) pursuant to a request under [subsection (b)](#b) in connection with such [application](/usc/15/77ccc.md?p=8).
  - (2) **Limited access—** If a [financial institution](#h-1) determines that a loan underwriter or other officer or employee of a [financial institution](#h-1), or any affiliate of a [financial institution](#h-1), involved in making any determination concerning an [application](/usc/15/77ccc.md?p=8) for [credit](/usc/15/1602.md?p=f) should have access to any information provided by the [applicant](/usc/15/1691a.md?p=b) pursuant to a request under [subsection (b)](#b), the [financial institution](#h-1) shall provide notice to the [applicant](/usc/15/1691a.md?p=b) of the access of the underwriter to such information, along with notice that the [financial institution](#h-1) may not discriminate on the basis of such information.
- (e) **Form and manner of information—**
  - (1) **In general—** Each [financial institution](#h-1) shall compile and maintain, in accordance with regulations of the [Bureau](/usc/15/1602.md?p=b), a record of the information provided by any loan [applicant](/usc/15/1691a.md?p=b) pursuant to a request under [subsection (b)](#b).
  - (2) **Itemization—** Information compiled and maintained under [paragraph (1)](#e-1) shall be itemized in [order](/usc/15/8702.md?p=14) to clearly and conspicuously disclose—
    - (A) the number of the [application](/usc/15/77ccc.md?p=8) and the date on which the [application](/usc/15/77ccc.md?p=8) was received;
    - (B) the type and purpose of the loan or other [credit](/usc/15/1602.md?p=f) being applied for;
    - (C) the amount of the [credit](/usc/15/1602.md?p=f) or [credit](/usc/15/1602.md?p=f) limit applied for, and the amount of the [credit](/usc/15/1602.md?p=f) transaction or the [credit](/usc/15/1602.md?p=f) limit approved for such [applicant](/usc/15/1691a.md?p=b);
    - (D) the type of action taken with respect to such [application](/usc/15/77ccc.md?p=8), and the date of such action;
    - (E) the census tract in which is located the principal place of business of the [women](/usc/15/657p.md?p=a-10)-owned, [minority](#h-4)-owned, or [small business loan](#h-3) [applicant](/usc/15/1691a.md?p=b);
    - (F) the gross annual revenue of the business in the last fiscal year of the [women](/usc/15/657p.md?p=a-10)-owned, [minority](#h-4)-owned, or [small business loan](#h-3) [applicant](/usc/15/1691a.md?p=b) preceding the date of the [application](/usc/15/77ccc.md?p=8);
    - (G) the race, sex, and ethnicity of the principal owners of the business; and
    - (H) any additional data that the [Bureau](/usc/15/1602.md?p=b) determines would aid in fulfilling the purposes of this section.
  - (3) **No personally identifiable information—** In compiling and maintaining any record of information under this section, a [financial institution](#h-1) may not include in such record the name, specific address (other than the census tract required under paragraph (1)(E)),[^1] telephone number, electronic mail address, or any other personally identifiable information concerning any individual who is, or is connected with, the [women](/usc/15/657p.md?p=a-10)-owned, [minority](#h-4)-owned, or [small business loan](#h-3) [applicant](/usc/15/1691a.md?p=b).
  - (4) **Discretion to delete or modify publicly available data—** The [Bureau](/usc/15/1602.md?p=b) may, at its discretion, delete or modify data collected under this section which is or will be available to the public, if the [Bureau](/usc/15/1602.md?p=b) determines that the deletion or modification of the data would advance a privacy interest.
- (f) **Availability of information—**
  - (1) **Submission to Bureau—** The data required to be compiled and maintained under this section by any [financial institution](#h-1) shall be submitted annually to the [Bureau](/usc/15/1602.md?p=b).
  - (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](/usc/15/1602.md?p=b);
    - (C) annually made available to the public generally by the [Bureau](/usc/15/1602.md?p=b), in such form and in such manner as is determined by the [Bureau](/usc/15/1602.md?p=b), by regulation.
  - (3) **Compilation of aggregate data—** The [Bureau](/usc/15/1602.md?p=b) 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—** The [Bureau](/usc/15/1602.md?p=b) shall prescribe such rules and issue such guidance as may be necessary to carry out, enforce, and compile data pursuant to this section.
  - (2) **Exceptions—** The [Bureau](/usc/15/1602.md?p=b), by rule or [order](/usc/15/8702.md?p=14), may adopt exceptions to any requirement of this section and may, conditionally or unconditionally, exempt any [financial institution](#h-1) or class of [financial institutions](#h-1) from the requirements of this section, as the [Bureau](/usc/15/1602.md?p=b) deems necessary or appropriate to carry out the purposes of this section.
  - (3) **Guidance—** The [Bureau](/usc/15/1602.md?p=b) shall issue guidance designed to facilitate compliance with the requirements of this section, including assisting [financial institutions](#h-1) in working with [applicants](/usc/15/1691a.md?p=b) to determine whether the [applicants](/usc/15/1691a.md?p=b) are [women](/usc/15/657p.md?p=a-10)-owned, [minority](#h-4)-owned, or [small businesses](#h-2) for purposes of this section.
- (h) **Definitions—** For purposes of this section, the following definitions shall apply:
  - (1) **Financial institution—** The term “financial institution” means any partnership, company, corporation, [association](/usc/15/657h.md?p=a-2) (incorporated or unincorporated), trust, estate, cooperative [organization](/usc/15/1602.md?p=d), or other entity that engages in any financial activity.
  - (2) **Small business—** The term “small business” has the same meaning as the term “[small business concern](/usc/15/78c.md?p=a-53-B-ii)” in [section 632 of this title](/usc/15/632.md).
  - (3) **Small business loan—** The term “small business loan” means a loan made to a [small business](#h-2).
  - (4) **Minority—** The term “minority” has the same meaning as in [section 1204(c)(3)](/usc/15/1204.md) of the [Financial Institutions](#h-1) Reform, Recovery, and Enforcement Act of 1989.
  - (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](#h-4) individuals; and
    - (B) more than 50 percent of the net profit or loss of which accrues to 1 or more [minority](#h-4) 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](/usc/15/657p.md?p=a-10); and
    - (B) more than 50 percent of the net profit or loss of which accrues to 1 or more [women](/usc/15/657p.md?p=a-10).

## Footnotes

[^1]: So in original. Probably should be “(2)(E)),”.

## Source credit

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

## Notes

### Editorial Notes

### References in Text

Section 1204(c)(3) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, referred to in subsec. (h)(4), is section 1204(c)(3) of Pub. L. 101–73, which is set out as a note under section 1811 of Title 12, Banks and Banking.

### Statutory Notes and Related Subsidiaries

### Effective Date

Section effective on the designated transfer date, see section 1071(d) of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1691 of this title.