Now that the CFPB announced updated data collection and reporting dates for the Small Business Lending rule, it’s time to take action! Introducing Finastra’s Compliance Reporter Small Business Data Collection (SBDC) module. 

What is Finastra’s SBDC module? 

Finastra’s SBDC module is a cloud-native solution that seamlessly integrates with Finastra’s retail lending products, including LaserPro, CreditQuest, DecisionPro, and Originate. Built on LaserPro’s Compliance Reporter, it streamlines small business data collection, review, and reporting within a single, contained system. 

How can the module help my financial institution? 

Your commercial lending business requires an adaptable solution in order to stay compliant with minimal cost. With standalone data collection, data import, data reuse and a wide range of configurable roles and permissions, you can make Finastra’s SBDC module fit around your financial institution’s needs. 

Unlock key features and benefits for small business data collection: 

  • User-friendly data collection: Easily collect and compile data from multiple sources using our intuitive interface. 

  • A tailored solution for diverse commercial lending needs, with multiple channels available for data entry, configurable user roles and permissions, and assistance meeting the firewall requirement. 

  • Automated field validations: The SBDC module includes automated data field validations in both front-end and back-end workflows, ensuring structured and compliant data entry. 

  • Secure digital demographic form: Send applicants a digital demographic form, creating a natural firewall for sensitive data. 

  • Data reuse checks: The SBDC module automatically checks for reusable data based on the CFPB’s guidelines when creating new records. Limit demographic information requests to your applicants only to the times when it is necessary and shorten time to close. 

  • Future functionality includes integrating empowering insights and reporting that will aid financial institutions in monitoring the collection of demographic information. 

Explore the benefits of Finastra’s SBDC module, today! 

View a demo of the new module by visiting this link and see more information here. Or reach out to your Finastra Account Executive to learn more. 

The next stage of your growth is now at your fingertips.