(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) Application method. The means by which
the applicant submitted the covered application directly or indirectly
to the financial institution.
(4) Application
recipient. Whether the applicant submitted the covered application
directly to the financial institution or its affiliate, or whether
the applicant submitted the covered application indirectly to the
financial institution via a third party.
(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accepted, denied, withdrawn by the applicant, or incomplete.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) Denial reasons. For denied applications,
the principal reason or reasons the financial institution denied the
covered application.
(12) Pricing information. The following
information regarding the pricing of a covered credit transaction
that is originated or approved but not accepted, as applicable:
(i) Interest rate.
(A) If the interest
rate is fixed, the interest rate that is or would be applicable to
the covered credit transaction; or
(B) If the interest rate is adjustable, the
margin, index value, initial rate period expressed in months (if applicable),
and index name that is or would be applicable to the covered credit
transaction;
(ii) Total
origination charges. The total amount of all charges payable
directly or indirectly by the applicant and imposed directly or indirectly
by the financial institution at or before origination as an incident
to or a condition of the extension of credit, expressed in dollars;
(iii) Broker fees. The total amount of all charges
included in paragraph (a)(12)(ii) of this section that are fees paid
by the applicant directly to a broker or to the financial institution
for delivery to a broker, expressed in dollars;
(iv) Initial
annual charges. The total amount of all non-interest charges
that are scheduled to be imposed over the first annual period of the
covered credit transaction, expressed in dollars;
(v) Additional
cost for merchant cash advances or other sales-based financing. For a merchant cash advance or other sales-based financing transaction,
the difference between the amount advanced and the amount to be repaid,
expressed in dollars; and
(vi) Prepayment
penalties.
(A) Notwithstanding whether such a provision
was in fact included, whether the financial institution could have
included a charge to be imposed for paying all or part of the transaction’s
principal before the date on which the principal is due under the
policies and procedures applicable to the covered credit transaction;
and
(B) Notwithstanding
the response to paragraph (a)(12)(vi)(A) of this section, whether
the terms of the covered credit transaction do in fact include a charge
imposed for paying all or part of the transaction’s principal
before the date on which the principal is due.
(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) Number of
workers. The number of non-owners working for the applicant.
(17) Time in business. The time the applicant
has been in business.
(18) Minority-owned, women-owned, and LGBTQI+-owned
business statuses. Whether the applicant is a minority-owned,
women-owned, and/or LGBTQI+-owned business. When requesting minority-owned,
women-owned, and LGBTQI+-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, women-owned,
or LGBTQI+-owned business statuses, or on whether the applicant provides
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.
(20) Number of
principal owners. The number of the applicant’s principal
owners.
(1) In general. A covered financial institution
shall not discourage an applicant from responding to requests for
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;
(ii) The request for applicant-provided
data is prominently displayed or presented;
(iii) The collection does not have the
effect of discouraging an applicant from responding to a request for
applicant-provided data; and
(iv) Applicants can easily respond to
a request for applicant-provided data.
(3) Procedures
to monitor compliance. A covered financial institution shall
maintain procedures to identify and respond to indicia of potential
discouragement, including low response rates for applicant-provided
data.
(4) Low response rates. A low response rate
for applicant-provided data may indicate discouragement or other failure
by a covered financial institution to maintain procedures to collect
applicant-provided data that are reasonably designed to obtain a response.
