2023-07-28 Meeting notes
- Elisa Kendall
Date
Attendees
Agenda
1) Use Case reminder
2) Where we are on our road map.
3) Open Action Items
4) JIRA Issues Review - https://jira.edmcouncil.org/projects/SEC/issues/SEC-7?filter=allopenissues
5) Todays content discussion.
SMIF OWL-UML
SKOS
RDF/S
6) For next week.
Proceedings:
Today we started looking at the two loan ontologies that need to be released so that we can release the ABS ontology. These include: (1) consumer loans, and (2) student loans.
Definitions for consumer lending in the US include:
https://www.law.cornell.edu/definitions/index.php?height=800&def_id=e16ad38bca4d1180ee080b475305b4ab
https://www.aba.com/banking-topics/consumer-banking/consumer-lending
From Cornell / US regulations:
Consumer loan means a loan to one or more individuals for household, family, or other personal expenditures. A consumer loan does not include a home mortgage, small business, or small farm loan. Consumer loans include the following categories of loans:
(1) Motor vehicle loan, which is a consumer loan extended for the purchase of and secured by a motor vehicle;
(2) Credit card loan, which is a line of credit for household, family, or other personal expenditures that is accessed by a borrower's use of a “credit card,” as this term is defined in § 1026.2 of this chapter;
(3) Other secured consumer loan, which is a secured consumer loan that is not included in one of the other categories of consumer loans; and
(4) Other unsecured consumer loan, which is an unsecured consumer loan that is not included in one of the other categories of consumer loans.
(k) Geography means a census tract delineated by the United States Bureau of the Census in the most recent decennial census.
(l) Home mortgage loan means a closed-end mortgage loan or an open-end line of credit as these terms are defined under § 1003.2 of this title and that is not an excluded transaction under § 1003.3(c)(1) through (10) and (13) of this title.
(m) Income level includes:
(1) Low-income, which means an individual income that is less than 50 percent of the area median income, or a median family income that is less than 50 percent, in the case of a geography.
(2) Moderate-income, which means an individual income that is at least 50 percent and less than 80 percent of the area median income, or a median family income that is at least 50 and less than 80 percent, in the case of a geography.
(3) Middle-income, which means an individual income that is at least 80 percent and less than 120 percent of the area median income, or a median family income that is at least 80 and less than 120 percent, in the case of a geography.
(4) Upper-income, which means an individual income that is 120 percent or more of the area median income, or a median family income that is 120 percent or more, in the case of a geography.
(n) Limited purpose bank means a bank that offers only a narrow product line (such as credit card or motor vehicle loans) to a regional or broader market and for which a designation as a limited purpose bank is in effect, in accordance with § 228.25(b).
(o) Loan location. A loan is located as follows:
(1) A consumer loan is located in the geography where the borrower resides;
(2) A home mortgage loan is located in the geography where the property to which the loan relates is located; and
(3) A small business or small farm loan is located in the geography where the main business facility or farm is located or where the loan proceeds otherwise will be applied, as indicated by the borrower.
See also https://www.law.cornell.edu/cfr/text/12/228.12
Content related to student loans:
https://www.salliemae.com/landing/dp_studentloans/
https://dictionary.cambridge.org/us/dictionary/english/student-loan
https://www.gov.uk/government/organisations/student-loans-company
https://www.gov.uk/government/publications/student-loans-a-guide-to-terms-and-conditions/student-loans-a-guide-to-terms-and-conditions-2023-to-2024
https://www.sofi.com/private-student-loans/
We agreed to start with consumer loans and then follow up with the more specific details of student loans in a subsequent Jira. We raised SEC-190 to initiate this work.