Wolters Kluwer Compliance Solutions has launched Small Biz Wiz®, a system designed to support new requirements in the collection, reporting and analysis of small business lending data. Small Biz Wiz is a significant addition to Wolters Kluwer’s suite of Wiz technology applications, providing financial institutions a powerful new analytics tool for their small business lending portfolio. It joins a family of software offerings that provide critical analytics insights for compliance with Fair Lending, the Home Mortgage Disclosure Act and Community Reinvestment Act regulations.
Small Biz Wiz provides critical functionality for institutions in complying with final regulations issued by the Consumer Financial Protection Bureau (CFPB) that implement amendments to the Equal Credit Opportunity Act under Section 1071 of the Dodd-Frank Wall Street Reform and Protection Act. The solution is built on Wolters Kluwer’s award-winning CRA Wiz® SaaS and HMDA Wiz® platform, enabling an easy-to-use technology that integrates into a financial institution’s data collection processes. Small Biz Wiz supports the collection and reporting of all the small business loan data elements required by the CFPB’s regulation, including application dates, loan amount, pricing information, details about the business, and information about the race, sex, and ethnicity of the principal owners of the business.
Although Section 1071 compliance deadlines are currently stayed as a result of ongoing litigation, preparation for meeting the regulation’s complex requirements remains essential. Wolters Kluwer officials describe the data collection requirements as not just an exercise in gathering and reporting on their small business lending activities, but a key part of the 2010 Dodd-Frank Act focused on promoting fair lending practices.
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“Our solution will help institutions comply with a regulation designed to promote fair lending practices in the small business arena, allowing them views not only into possible risks—and where to mitigate those risks—but useful insights on their lending profile and potential growth areas for small business lending,” said Vikram Savkar, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions. “Importantly, Small Biz Wiz will foster greater accuracy and speed in our customers’ data collection, processing and analysis efforts, enabling them to focus on higher-level activities while helping them achieve full compliance with the new small business data collection requirements.”
Ultimately, the solution provides institutions the ability to manage, monitor, and mitigate their compliance exposure, improve data quality, and maximize lending efficiencies while supporting growth as they look to expand their lending footprints.
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks, credit unions, insurers and securities firms. The business, which sits within Wolters Kluwer’s Financial & Corporate Compliance (FCC) division, helps these financial institutions efficiently manage risk and regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business. Wolters Kluwer FCC is also home to CT Corporation, a leading provider of registered agent services, incorporation services and legal entity compliance, including the new beneficial ownership requirement for small businesses effective January 1, 2024.
SOURCE: BusinessWire