Ensure 1071 compliance while driving efficiency with Finastra’s SBDC module
Lawsuits and Congressional attempts to delay the implementation of the ECOA Small Business Data Collection requirements have been unsuccessful, and the effective dates are rapidly approaching.
Join this engaging webinar to get the latest compliance updates and prepare for the upcoming reporting deadlines.
Secondary Default Finastra Form
LEGAL UPDATE: On March 4, 2025, the CFPB announced its intention to reissue the ECOA small business lending (“1071”) rule. Existing effective dates are expected to be paused until such revised rule is issued. A revised rule is still expected to include statutorily required elements from Section 1071 of the Dodd-Frank Act including the requirement to collect mandated data including demographic information, the requirement to firewall demographic information and to report data annually to the CFPB. Finastra will continue to monitor rulemaking activity by the CFPB and will provide updates.
Discover the key features of Finastra’s Small Business Data Collection (SBDC) module, designed to simplify the final rule’s requirements.
Still defining your small business workflow? Draw inspiration from sample scenarios that demonstrate how Finastra’s comprehensive module can be seamlessly integrated into your workflow while ensuring compliance with key requirements.
Features included:
- Data Reuse: See how the SBDC module automates the identification of data that qualifies for reuse.
- Monitoring & Auditability: Explore the detailed audit trails and demographic reports that help demonstrate reasonable procedures are in place for proper data collection and compliance.
- Demographic Collection: Learn how the SBDC module simplifies the collection of applicants’ protected, sensitive data through multiple venues, while maintaining data firewall requirements.
