Finastra launches small business data collection solution to help financial institutions comply with DFA 1071

Finastra, a global provider of financial software applications and marketplaces, today announced the launch of its small business data collection module, which enables banks to easily comply with the Equal Credit Opportunity Act (ECOA) small business data collection requirements, mandated by the Equal Credit Opportunity Act (ECOA). Section 1071 of the Credit Opportunities Act. Dodd-Frank Act (DFA). Deployed as part of the Finastra LaserPro Compliance Reporter solution, the module simplifies data collection, verification, storage, report generation and annual filing processes, saving financial institutions time and effort while ensuring accuracy and regulatory compliance.

“When new regulations are implemented, it is critical for financial institutions to plan ahead to ensure compliance,” said Mitch Lucas, head of retail lending at Finastra. “As a financial software solutions provider, our goal is to make it as easy as possible to overcome these challenges, and we look forward to helping community banks and credit unions across the country streamline their data collection procedures so they can focus on providing services to their customers. Service. Customers and the community.”

The Small Business Data Collection module features intuitive integrated workflows, simple checklists to evaluate whether a loan meets the definition of a covered transaction, and helps compliance teams meet firewall requirements to keep sensitive applicant information confidential from loan decision-makers. This module prompts users to enter required data, such as credit type and purpose, and then facilitates the collection and secure storage of business owners’ sensitive demographic information, providing users with multiple collection options. Sensitive demographic information is returned to a secure location within the module, ensuring that the information is fully protected.

The data collection module is a cloud-native solution that integrates seamlessly with Finastra’s suite of retail lending products, including LaserPro, CreditQuest, DecisionPro and Originate. To learn more, download Finastra’s fact sheet.