Yes, banks must respond to the 2017 Economic Census. The U.S. Census Bureau is authorized to collect information from businesses under Title 13 of the U.S. Code. Banks and other businesses are required to respond to any questions contained in a census or questionnaire submitted by the Department of Commerce under the authority of Title 13. The failure to respond can result in a maximum fine of $500. Information provided to the Department of Commerce in response to a census is confidential and may not be shared by the Department in any way that could identify the business.

For resources related to our guidance, please see:

• 13 USC 131 (“The Secretary shall take, compile, and publish censuses of manufactures, of mineral industries, and of other businesses. . . . in the year 1964, then in the year 1968, and every fifth year thereafter, and each such census shall relate to the year immediately preceding the taking thereof.”)

• 13 USC 224 (“Whoever, being the owner, official, agent, person in charge, or assistant to the person in charge, of any company, business, institution, establishment, religious body, or organization of any nature whatsoever, neglects or refuses, when requested by the Secretary or other authorized officer or employee of the Department of Commerce or bureau or agency thereof, to answer completely and correctly to the best of his knowledge all questions relating to his company, business, institution, establishment, religious body, or other organization, or to records or statistics in his official custody, contained on any census or other schedule or questionnaire prepared and submitted to him under the authority of this title, shall be fined not more than $500