§ 1071 · Data collection
What data do you actually have to collect?
The 2026 revised rule requires roughly 13 data fields — a meaningful cut from the original 2023 rule's more expansive list.
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The original 2023 rule asked lenders to collect a long list of data points, including detailed demographic and pricing information. The May 2026 revised rule keeps the core transaction and business-profile data but removes or narrows several of the most burdensome fields — landing at approximately 13 required data fields for the initial covered group.
Field-by-field wording and edge cases (multi-applicant transactions, renewals, refinancings) are defined precisely in the rule text itself — use this page to understand the shape of what changed, and confirm exact field definitions against the Federal Register final rule before building a collection process.
What's still required
- Application & transaction identifiers: A unique application number, application date, and action taken (originated, approved but not accepted, denied, withdrawn, incomplete) with the action-taken date.
- Credit type & amount: The type of credit applied for and originated (e.g., term loan, line of credit) and the amount applied for and approved or originated.
- Business profile: Gross annual revenue for the preceding fiscal year, the business's NAICS industry code, number of workers, and time in business.
- Geography: The census tract of the address the business provided for the application.
- Denial reasons (simplified): A reduced denial-reason field for denied applications — the original rule's more granular denial-reason taxonomy was cut back.
What got removed or cut back
- Demographic information: The original rule required detailed data on minority-owned, women-owned, and LGBTQI+-owned status. The 2026 revised rule removes or significantly narrows this collection.
- Pricing data: Interest rate, total origination charges, broker fees, and other pricing detail fields from the original rule are removed or reduced under the 2026 rule.
- Expanded denial-reason detail: The original rule's more granular, multi-reason denial taxonomy is cut back to a simpler field.
This is the biggest practical difference between the original rule and the 2026 revision: less demographic and pricing infrastructure to build, though the core transaction-level reporting obligation remains.
Why this matters for your systems
Every one of these fields eventually flows into the annual SBLAR submission. If you're covered, the practical work is building a process to capture these fields at the point of application — well before the January 1, 2028 collection start date, so your first data set isn't assembled retroactively.
This is general information, not legal or compliance advice. Consult qualified counsel or a compliance professional for guidance specific to your institution.