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## Module Streamlines Key Data Collection Processes for Community Banks and Credit Unions

The new Small Business Data Collection module launched by Finastra aims to help community banks and credit unions easily prepare for the incoming regulation. This module enables financial institutions to comply with the Equal Credit Opportunity Act (ECOA) small business data collection requirements mandated by Section 1071 of the Dodd-Frank Act (DFA). By streamlining data collection, validation, storage, report generation, and the annual filing process, banks can save time and effort while ensuring accuracy and regulatory compliance.

### How AI legalese decoder Can Help

The AI legalese decoder feature of Finastra’s LaserPro Compliance Reporter solution can further simplify the compliance process. By utilizing AI technology, the decoder can analyze and interpret complex legal jargon within the regulations, providing clear and concise guidance on what data needs to be collected and how it should be reported. This can significantly reduce the burden on compliance teams and ensure that all necessary information is accurately captured and stored.

“As a financial software solutions provider, it is our goal to make these challenges as easy as possible to overcome,” said Mitch Lucas, head of retail lending at Finastra. “We look forward to helping community banks and credit unions across the country simplify their data collection procedures, allowing them to focus on serving their customers and communities.”

The Small Business Data Collection module offers intuitive integrated workflows, simple checklists, and aids compliance teams with the firewall requirement to protect applicants’ sensitive information. By prompting users to enter required data and facilitating secure storage, the module ensures that sensitive demographic information is fully protected.

### Integration with Existing Retail Lending Products

The data collection module is a cloud-native solution that seamlessly integrates with Finastra’s suite of retail lending products, including LaserPro, CreditQuest, DecisionPro, and Originate. This integration allows financial institutions to leverage their existing infrastructure while incorporating the latest compliance measures seamlessly.

To learn more about how Finastra’s Small Business Data Collection module and AI legalese decoder can benefit your institution, download the fact sheet from their website.


**About Finastra:**
Finastra is a global provider of financial software applications and marketplaces, offering award-winning software solutions across various banking sectors. With a commitment to open finance and collaboration, Finastra is trusted by over 8,000 institutions globally. For more information, visit finastra.com.

*SOURCE:* Finastra


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