Section 1071 of the Dodd-Frank Act (DFA) mandates that banks comply with the Equal Credit Opportunity Act (ECOA) small business data collection requirements. Finastra, a global provider of financial software applications and marketplaces, announced today the launch of its Small Business Data Collection module.
Assuring accuracy and regulatory compliance, the module, which is implemented as part of Finastra's LaserPro Compliance Reporter solution, saves financial institutions time and effort by streamlining data collection, validation, storage, report creation, and the annual filing procedure.
According to Mitch Lucas, head of retail lending at Finastra, "financial institutions must plan ahead when new regulations are implemented to ensure compliance." "As a provider of financial software solutions, our objective is to make these obstacles as simple to surmount as we can. We look forward to assisting community banks and credit unions nationwide in streamlining their data collection processes so they can concentrate on providing services to their clients and communities."
The Small Business Data Collection module helps compliance teams with the firewall requirement, protecting applicants' sensitive information from loan decision makers, and offers simple checklists to evaluate whether loans meet the definition of covered transactions. Users are prompted to submit necessary information, like the kind and purpose of the credit, and the module then makes it easier to gather and safely store the sensitive demographic data about the business owner by providing them with a variety of collecting alternatives. To guarantee complete information security, sensitive demographic data is moved back to a safe place inside the module.
The cloud-native data gathering module works in unison with the whole range of Finastra's retail lending products, including Originate, LaserPro, CreditQuest, and DecisionPro.
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The cloud-native data gathering module works in unison with the whole range of Finastra's retail lending products, including Originate, LaserPro, CreditQuest, and DecisionPro.