Since the rule was released in March 2023, we have been holding focus groups with a dozen financial institutions and their compliance officers so that we can understand the needs of our customers from the beginning of the process, through to collecting and processing data, all the way through reporting. This process allows us to ensure that our solution fits their needs, as well as the needs of banks and credit unions across the country, while also making sure that they’re able to comply with regulations in an efficient and cost-effective manner.
To create a solution that meets the needs of financial institutions, there are three key components identified as critical for compliance with the Section 1071 Small Business Lending Rule: gathering data, processing data, and reporting.
Gathering Data
At Baker Hill, we’ve developed an innovative and comprehensive omni-channel process that streamlines the collection of necessary data for banks and credit unions to effortlessly meet their compliance needs for CFPB 1071 Small Business Lending Rule. Our advanced system not only gathers the required data but also compiles it into an easily accessible format, facilitating further analysis and enabling institutions to make data-driven decisions with confidence. With our cutting-edge solution, financial institutions can navigate the complexities of compliance effortlessly while maximizing efficiency and accuracy.
Processing Data
Once the necessary data has been gathered, financial institutions can securely and efficiently process it within Baker Hill's comprehensive solution. This innovative platform not only ensures that they are always up-to-date with their compliance requirements but also provides advanced analytics and reporting capabilities for better decision-making. With Baker Hill's cutting-edge technology, financial institutions can streamline their operations, enhance data accuracy, and ultimately drive growth and success in today's dynamic banking landscape.
Reporting
We offer comprehensive reporting capabilities to ensure compliance with CFPB 1071 Small Business Lending Rule. Our software collects and organizes the necessary data, allowing customers to report the required information accurately and on time.
At Baker Hill, we strive to provide a comprehensive solution for banks and credit unions that not only meets their compliance needs but also helps them streamline their processes. Our 1071 Small Business Lending Rule Solution is designed with both of these goals in mind and will help financial institutions stay ahead of the latest regulation changes.
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