Adds a minority-owned business designation field to the business profile hash

What’s new

Adds the minority_owned_business_designation field to the business_profile 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_owned_business: The account is a women-owned business.
• lgbtqi_owned_business: The account is an LGBTQI±owned business.
• minority_owned_business: 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.
• none_of_these_apply: None of these apply.
• prefer_not_to_answer: Prefer 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.

Changes

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