Interagency Q&A .42(a) – 2: For loans defined as small business loans, what information should be collected and maintained?

Compliance > Regulation BB - CRA
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
 

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