sec 1071

gistfile1.txt

SEC. 1071. SMALL BUSINESS DATA COLLECTION.

    (a) In General.--The Equal Credit Opportunity Act (15 U.S.C. 1691 et 
seq.) is amended by inserting after section 704A the following:
``SEC. 704B. <<NOTE: 15 USC 1691o-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 to identify business and community development 
needs and opportunities of women-owned, minority-owned, and small 
businesses.
    ``(b) Information Gathering.--Subject to the requirements of this 
section, in the case of any application to a financial institution for 
credit for women-owned, minority-owned, or small business, the financial 
institution shall--
            ``(1) inquire whether the business is a women-owned, 
        minority-owned, or small business, without regard to whether 
        such application is received in person, by mail, by telephone,

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        by electronic mail or other form of electronic transmission, or 
        by any other means, and whether or not such application is in 
        response to a solicitation by the financial institution; and
            ``(2) <<NOTE: Records.>>  maintain a record of the responses 
        to such inquiry, separate from the application and accompanying 
        information.

    ``(c) Right To Refuse.--Any applicant for credit may refuse to 
provide any information requested pursuant to subsection (b) in 
connection with any application for credit.
    ``(d) No Access by Underwriters.--
            ``(1) Limitation.--Where feasible, no loan underwriter or 
        other officer or employee of a financial institution, or any 
        affiliate of a financial institution, involved in making any 
        determination concerning an application for credit shall have 
        access to any information provided by the applicant pursuant to 
        a request under subsection (b) in connection with such 
        application.
            ``(2) Limited access.--If 
        a <<NOTE: Determination. Notice.>>  financial institution 
        determines that a loan underwriter or other officer or employee 
        of a financial institution, or any affiliate of a financial 
        institution, involved in making any determination concerning an 
        application for credit should have access to any information 
        provided by the applicant pursuant to a request under subsection 
        (b), the financial institution shall provide notice to the 
        applicant of the access of the underwriter to such information, 
        along with notice that the financial institution may not 
        discriminate on the basis of such information.

    ``(e) Form and Manner of Information.--
            ``(1) In general.--Each financial <<NOTE: Records.>>  
        institution shall compile and maintain, in accordance with 
        regulations of the Bureau, a record of the information provided 
        by any loan applicant pursuant to a request under subsection 
        (b).
            ``(2) Itemization.--Information compiled and maintained 
        under paragraph (1) shall be itemized in order to clearly and 
        conspicuously disclose--
                    ``(A) the number of the application and the date on 
                which the application was received;
                    ``(B) the type and purpose of the loan or other 
                credit being applied for;
                    ``(C) the amount of the credit or credit limit 
                applied for, and the amount of the credit transaction or 
                the credit limit approved for such applicant;
                    ``(D) the type of action taken with respect to such 
                application, and the date of such action;
                    ``(E) the census tract in which is located the 
                principal place of business of the women-owned, 
                minority-owned, or small business loan applicant;
                    ``(F) the gross annual revenue of the business in 
                the last fiscal year of the women-owned, minority-owned, 
                or small business loan applicant preceding the date of 
                the application;
                    ``(G) the race, sex, and ethnicity of the principal 
                owners of the business; and
                    ``(H) any additional data that the Bureau 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

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        section, a financial institution may not include in such record 
        the name, specific address (other than the census tract required 
        under paragraph (1)(E)), telephone number, electronic mail 
        address, or any other personally identifiable information 
        concerning any individual who is, or is connected with, the 
        women-owned, minority-owned, or small business loan applicant.
            ``(4) Discretion to delete or modify publicly available 
        data.--The Bureau may, at its discretion, delete or modify data 
        collected under this section which is or will be available to 
        the public, if the Bureau determines that the deletion or 
        modification of the data would advance a privacy interest.

    ``(f) Availability of Information.--
            ``(1) Submission to bureau.--The data <<NOTE: Deadline.>>  
        required to be compiled and maintained under this section by any 
        financial institution shall be submitted annually to the Bureau.
            ``(2) Availability of information.--Information compiled and 
        maintained under this section shall be--
                    ``(A) <<NOTE: Time period.>>  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;
                    ``(C) annually made available to the public 
                generally by the Bureau, in such form and in such manner 
                as is determined by the Bureau, by regulation.
            ``(3) Compilation of aggregate data.--The Bureau 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 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, by rule or order, may adopt 
        exceptions to any requirement of this section and may, 
        conditionally or unconditionally, exempt any financial 
        institution or class of financial institutions from the 
        requirements of this section, as the Bureau deems necessary or 
        appropriate to carry out the purposes of this section.
            ``(3) Guidance.--The Bureau shall issue guidance designed to 
        facilitate compliance with the requirements of this section, 
        including assisting financial institutions in working with 
        applicants to determine whether the applicants are women-owned, 
        minority-owned, or small businesses 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 (incorporated or unincorporated), trust, estate, 
        cooperative organization, 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' in section 3 
        of the Small Business Act (15 U.S.C. 632).

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            ``(3) Small business loan.--The term `small business loan' 
        means a loan made to a small business.
            ``(4) Minority.--The term `minority' has the same meaning as 
        in section 1204(c)(3) of the Financial Institutions 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 
                individuals; and
                    ``(B) more than 50 percent of the net profit or loss 
                of which accrues to 1 or more minority 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; and
                    ``(B) more than 50 percent of the net profit or loss 
                of which accrues to 1 or more women.''.

    (b) Technical and Conforming Amendments.--Section 701(b) of the 
Equal Credit Opportunity Act (15 U.S.C. 1691(b)) is amended--
            (1) in paragraph (3), by striking ``or'' at the end;
            (2) in paragraph (4), by striking the period at the end and 
        inserting ``; or''; and
            (3) by inserting after paragraph (4), the following:
            ``(5) to make an inquiry under section 704B, in accordance 
        with the requirements of that section.''.

    (c) <<NOTE: 15 USC 1691 note.>>  Clerical Amendment.--The table of 
sections for title VII of the Consumer Credit Protection Act is amended 
by inserting after the item relating to section 704A the following new 
item:

``704B. Small business loan data collection.''.

    (d) Effective Date.--This section shall become effective on the 
designated transfer date