How Partnering with Fintech Can Prepare You for Section 1071 of the Dodd Frank Act
Navigating the increasingly complex global regulatory compliance landscape has become more and more challenging for financial institutions of all types and sizes. With new regulations such as Section 1071 of the Dodd Frank Act and the various disclosure laws currently being passed in the legislature, maintaining compliance can be a confusing and onerous task for banks and financial institutions.
So, how can partnering with fintechs like QuickFi help your bank or financial institution react to the rapidly evolving regulatory landscape? QuickFi CEO Bill Verhelle recently wrote on guidance for partnering with fintechs to leverage technology partnerships to accomplish these goals.
Key findings
- The traditional “sales driven business model” used today makes it difficult for banks to implement 1071 into small business equipment finance operations.
- Adopting digital, self service technology allows the borrower to enter self-reported demographic information directly at the point of sale, ensuring color-blind, gender-blind credit processing.
- Adopting a digital solution can keep compliance costs nominal and allow for cost-effective scaling.
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