Q: § __.42(a) – 2: For loans defined as small business loans, what information should be collected and maintained?
A: Institutions that are not exempt from data collection and reporting are required to collect and maintain, in a standardized, machine-readable format, information on each small business loan originated or purchased for each calendar year:
• A unique number or alpha-numeric symbol that can be used to identify the relevant loan file.
• The loan amount at origination.
• The loan location.
• An indicator whether the loan was to a business with gross annual revenues of $1 million or less.
The location of the loan must be maintained by census tract. In addition, supplemental information contained in the file specifications includes a date associated with the origination or purchase and whether a loan was originated or purchased by an affiliate. The same requirements apply to small farm loans.
This Interagency Q&A, and others, was released in July 2016.
The 2016 Q&As consolidates and supersedes all previously published “Interagency Questions and Answers Regarding Community Reinvestment,” and were noted as being effective immediately. They may be found here: http://www.ffiec.gov/cra/qnadoc.htm