nCino, Inc., a provider of cloud banking solutions for the
global financial services industry, recently announced enhancements to its Small
Business Banking Solution to comply with requirements outlined in Section 1071
of the Dodd-Frank Act. The updates to allow relevant data to be captured as a
part of the loan origination workflow across a financial institution’s
portfolio and subsequently exported, according to a company press release.
“As Dodd-Frank 1071 takes effect, lenders are raising
questions about how to mitigate compliance risks in the fair lending space,” nCino
GM of Small Business and Treasury said in the release. “With nCino, we’re proud
to offer a solution that helps automate and streamline workflows, optimize
operational efficiency, and reduce re-keying of data. More importantly we’re
here to be a trusted partner and help financial institutions adapt to the changing
regulatory landscape with ease while fine-tuning their processes ahead of
regulation deadlines.”
The solution adapts to an ever-changing regulatory
landscape, allowing institutions to expand their portfolio, capture relevant
demographic data, and stay ahead of regulation deadlines, the release states.
As additional regulatory milestones approach or evolve, nCino said it plans to
continue releasing updates and enhancements affording financial institutions
time to fine-tune processes and help ensure compliance.
“Regulatory requirements are always ever-evolving and are
growing in complexity. I expect ensuring compliance with the Dodd-Frank
1071 reporting requirements to be the most complex and time consuming new
regulatory requirement implementation to date,” Clint Hooppaw, vice president of
credit at Wings Credit Union, said in the release. “One of the reasons we value
our partnership with nCino is their demonstrated commitment to reinvest in
their platform and deliver regular updates which allows Wings ample time to
prepare and validate ahead of deadline.”
Elizabeth Rapp, senior strategic risk officer at Emprise
Bank, said “By leveraging the nCino platform, we have been able to create an
agile approach to compliance, reducing the regulatory burden on our
institution. With nCino, we are confidently navigating the complex regulatory
landscape while focusing on what matters most – empowering our customers to
thrive in their financial lives.”
Dodd-Frank 1071 amends the Equal Credit Opportunity Act
(ECOA) and provides new requirements for financial institutions to maintain and
submit credit application data applicable to small businesses to the Consumer
Financial Protection Bureau (CFPB). This information includes whether the
business is woman-owned, minority-owned and/or LGBTQIA+-owned. This data is to
be used by the CFPB to enforce fair lending laws and identify community needs
and access to credit. nCino noted in the release that the company considered
the needs of our customers and their borrowers in designing our enhanced Small
Business Banking Solution.