Adds a minority-owned business designation field to the business profile hash
What’s new
Adds the minority_
field to the business_
hash in the Accounts API, which accepts a list of enums for various ownership statuses.
This change complies with Section 1071 of the Dodd-Frank Act, which requires providers of small business financing in the US to collect demographic information about applicants. Stripe’s financial partners will report this information to the CFPB, which will analyze potential disparities in business financing. The information shared will be anonymized to protect the identity of applicants.
The field includes five possible enum values:
women_
: The account is a women-owned business.owned_ business lgbtqi_
: The account is an LGBTQI±owned business.owned_ business minority_
: The account is a minority-owned business. Minority means Hispanic or Latino, American Indian or Alaska Native, Asian, Black or African American, or Native Hawaiian or other Pacific Islander. A multi-racial or multi-ethnic individual is a minority for this purpose.owned_ business none_
: None of these apply.of_ these_ apply prefer_
: Prefer not to answer.not_ to_ answer
curl https://api.stripe.com/v1/accounts/{{CONNECTED_ACCOUNT_ID}}/ \ -u "sk_test_4eC39HqLyjWDarjtT1zdp7dc:" \ -d business_profile[minority_owned_business_designation][]=women_owned_business \ -d business_profile[minority_owned_business_designation][]=lgbtqi_owned_business
Impact
This addition complies with Regulation 1071, requiring providers of small business financing to collect demographic information about applicants for financing.