Information services company Wolters Kluwer has introduced a new system, dubbed Small Biz Wiz, which has been developed to support new requirements in the collection, reporting, and analysis of small business lending data.
The new system adds to the company’s portfolio of Wiz technology applications, which delivers financial institutions a robust new analytics tool for their small business lending suite.
Wolters Kluwer said that Small Biz Wiz joins a family of software offerings that provide vital analytics insights for compliance with Fair Lending, the Home Mortgage Disclosure Act, and Community Reinvestment Act regulations.
Besides, it offers critical functionality for institutions in complying with final regulations issued by the US Consumer Financial Protection Bureau (CFPB).
The latter executes amendments to the Equal Credit Opportunity Act under Section 1071 of the Dodd-Frank Wall Street Reform and Protection Act.
Small Biz Wiz is built on Wolters Kluwer’s CRA Wiz SaaS and HMDA Wiz platform. This allows an easy-to-use technology that integrates into a financial institution’s data collection processes.
The new system also supports the collection and reporting of all the small business loan data elements needed by the CFPB’s regulation.
It includes pricing information, details about the business, application dates, loan amount and information about the race, sex, and ethnicity of the primary owners of the business.
Furthermore, the solution offers institutions the ability to manage, supervise, and reduce their compliance exposure, enhance data quality, and optimise lending efficiencies along with supporting growth.
Wolters Kluwer compliance solutions executive vice president and general manager Vikram Savkar said: “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.”
