nCino’s Cloud Banking Platform Streamlines Dodd-Frank 1071 Compliance Support for Financial Institutions
September 06 2023 - 7:30AM
nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the
global financial services industry, today announced enhancements to
its Small Business Banking Solution. The updates allow for relevant
data to be captured as a part of the loan origination workflow
across a financial institution’s portfolio and subsequently
exported for Dodd-Frank 1071 compliance.
nCino’s Small Business Banking Solution adapts to an
ever-changing regulatory landscape, allowing institutions to expand
their portfolio, capture relevant demographic data, and stay ahead
of regulation deadlines. As additional regulatory milestones
approach or evolve, nCino will continue to release updates and
enhancements affording financial institutions time to fine-tune
processes and help ensure compliance.
Clint Hooppaw, Vice President – Credit at Wings Credit Union
said, “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. 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.”
"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," added
Elizabeth Rapp, Senior Strategic Risk Officer at Emprise Bank.
Dodd-Frank 1071 amends the Equal Credit Opportunity Act (ECOA)
and provides new stipulations for financial institutions to
maintain and submit credit application data applicable to small
businesses to the Consumer Financial Protection Bureau (CFPB)
including whether the business is woman-owned, minority-owned,
and/or LGBTQIA+-owned. This data will be used by the CFPB to
enforce fair lending laws and identify community needs and access
to credit. nCino considered the needs of our customers and
their borrowers in designing our enhanced Small Business Banking
Solution.
“As Dodd-Frank 1071 takes effect, lenders are raising questions
about how to mitigate compliance risks in the fair lending space.
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,” said Garrett Adams, GM Small
Business and Treasury at nCino.
About nCinonCino (NASDAQ: NCNO) is the
worldwide leader in cloud banking. Through its single
software-as-a-service (SaaS) platform, nCino helps financial
institutions serving corporate and commercial, small business,
consumer, and mortgage customers modernize and more
effectively onboard clients, make loans, manage the loan lifecycle,
and open accounts. Transforming how financial institutions operate
through innovation, reputation and speed, nCino is partnered with
more than 1,850 financial services providers globally. For more
information,
visit www.ncino.com.
Media ContactsNatalia
Moosenatalia.moose@ncino.com
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