Finastra, a provider of financial software applications and marketplaces, launched a small business data collection module designed to help banks comply with the Equal Credit Opportunity Act small business data collection requirements mandated by Section 1071 of the Dodd-Frank Act. The module, deployed as part of Finastra’s LaserPro Compliance Reporter solution, was designed to streamlines data collection, validation, storage, report generation, and the annual filing process.

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

The small business data collection module features integrated workflows, checklists to assess whether loans fit the definition of covered transactions, and compliance aids for teams with firewall requirements, keeping applicants’ sensitive information confidential from loan decision makers. The module prompts users to enter required data, such as the type and purpose of the credit, then facilitates the collection and storage of the business owner’s sensitive demographic information, offering users multiple options for collection. Sensitive demographic information is returned to a secure location within the module.

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