Tamarack Technology, a provider of technology services and artificial intelligence (AI)-based software products designed for the equipment finance industry, introduced CloudComply 1071, a SaaS-based solution designed to ensure financial institutions comply with the impending Section 1071 of the Dodd Frank Act.
“Discussions around compliance with Section 1071 have been swirling around for several years, but now they have taken on a greater sense of urgency,” Daniel Nelson, CLFP, founder and CEO of Tamarack Technology, said. “With CloudComply, we streamline the process and mitigate the risk of noncompliance in two ways: First, we’ve designed our platform to collect and maintain the demographic data on behalf of the financial institution, ensuring the demographic data is firewalled from the credit adjudication process. Second, if desired, we can later merge it with the financial data and use our AI tools to perform the required self-assessment and annual filing on behalf of the lender.”
