The CFPB recently released an update to the Filing Instructions Guide (FIG) for Small Business Lending Data. The updates include:
- An administrative update changed Validation IDs from name codes to alphanumeric codes. For example, the previous validation ID: uid.invalid_text_length is now E0002 and uid.invalid_text_length is now listed as the validation name.
- Changed the Race/Ethnicity Number Code for Demographic information of principal owner 1: Ethnicity field 46 and Race field 48 for consistency with HMDA enumeration order.
- Changed all Interest Rate fields, columns, and validation names that mention “Variable Rate” to “Adjustable Rate” for consistency with the regulation.
The Small Business Lending Rule Data Points Chart was also updated to reflect the changes.
You can access the FIG and Data Points Chart here.
CCI recommends sharing this information with your lending department. As always, CCI is available to answer any Compliance questions.