Here's the citation 31 CFR 103.33 (Section 8.1):
BSA Infobase A record of each extension of credit in an amount in
excess of $10,000, except an extension of credit
secured by an interest in real property. The record
must contain the name and address of the borrower,
the loan amount, the nature or purpose of the loan,
and the date the loan was made. The stated purpose
can be very general such as a passbook loan, personal
loan, or business loan. However, financial institutions
should be encouraged to be as specific as possible
when stating the loan purpose. Additionally, the
purpose of a renewal, refinancing, or consolidation is
not required as long as the original purpose has not
changed and the original statement of purpose is
retained for a period of five years after the renewal,