As a Wolters Kluwer client, we are making it easy for you.
Wolters Kluwer is implementing changes in ComplianceOne® Lending, ARTA Lending, and TSoftPlus™ to help you comply, including integrations to pass required data into Small Biz Wiz® .
With the issuance of final regulations that implement the Equal Credit Opportunity Act under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, covered financial institutions must collect and report data on loan applications for small businesses.
1
Demographic data for principal owners and other required loan information are collected.
2
The data is sent to Small Biz Wiz, where users can input the remaining details, geocode, and edit the file to prepare for submission and analysis.
3
Once in Small Biz Wiz, robust analysis tools can provide insights into lending distribution to ensure compliance.
4
Submitting data is quick and easy with the streamlined workflow in Small Biz Wiz.
This will help:
Resources:
Small Biz Wiz®
Designed to meet the data collection, reporting, and analysis requirements of Section 1071 of the Dodd-Frank Act.
Small Biz Wiz® integrations
Designed to meet the data collection reporting
and analysis requirements of Section 1071 of the
Dodd-Frank Act.
Section 1071 of the Dodd-Frank Act -
Small Business Lending Data Collection
As Section 1071 takes form, be on the front end of
hearing the details, understanding the requirements,
and complying with the regulation.
Introducing Small Biz Wiz
Small Biz Wiz is designed to meet the data collection requirements of Section 1071 of the Dodd-Frank Act. Built on the trusted platform of CRA Wiz and HMDA Wiz, the system is easy-to-use and easy to add to a financial institution’s data collection processes. Small Biz Wiz will save time and manual efforts in collecting, reporting, and analysis.
Advisory Services
With experience understanding regulations and building programs, our consultants provide practical insights and advice on regulatory best practices and help prepare for or respond to regulatory exams.
Our consultants understand how regulations impact the way financial institutions do business, and can help evaluate your Section 1071 - Small Business Lending Data Collection program, identify gaps, and recommend enhancements needed to achieve and demonstrate compliance.
Our consultants understand how regulations impact the way financial institutions do business, and can help evaluate your Section 1071 - Small Business Lending Data Collection program, identify gaps, and recommend enhancements needed to achieve and demonstrate compliance.
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