FORT LAUDERDALE, Fla.,
July 9, 2024 /PRNewswire/
-- Velocity Solutions announced that its small business
digital lending platform, Akouba®, is one year ahead of
schedule in complying with Data Collection requirements Section
1071 of the Dodd-Frank Act.
Section 1071 requires financial institutions to gather and
report certain data on small business loan applications. The
original October 1, 2024, compliance
deadline for some financial institutions was extended to
July 18, 2025. However, Velocity
Solutions made this data collection feature available to
Akouba® clients at the earliest compliance date of
July 18, 2024, to begin collecting
data well before the original October
1 deadline.
"We're pleased to deliver this feature in our Akouba®
applicant portal a full year ahead of the extended compliance
deadline," said Mike Triggiano,
Velocity Solutions' Executive Vice President of Product Management
& Corporate Development.
"Akouba® was designed to accommodate a changing
regulatory landscape, and we will continue to ensure our clients
stay ahead of any new compliance developments," said Triggiano.
Clients using the Akouba® platform can contact their
Akouba® Client Service Manager to add this essential and
free feature to their system.
Once added, applicants will automatically see the Section 1071
questionnaire in the Applicant portal after creating an account.
Completing the form is optional. The information provided will be
behind a firewall; lending agents cannot see it in their Lender
Portal.
To learn more about Velocity Solutions' digital lending platform
Akouba® visit myvelocity.com/akouba.
About Velocity Solutions, LLC
Founded in 1995 and
servicing the transaction accounts of over 30 million consumers and
business owners, Velocity Solutions is the leading provider of
technology solutions that drive revenue, service and compliance for
community banks and credit unions. Our Velocity Intelligent
Platform® powers all of Velocity's solutions, using
machine-led intelligence that delivers powerful analytics, manages
risk, and drives revenue, loans, account holder engagement and
non-interest income to our client financial institutions. For more
information, please visit www.myvelocity.com.
About Akouba®
Akouba by Velocity
Solutions is a secure, cloud-based digital platform for small
business lending. The platform was built to reduce processing time
from origination to closing, increase profitability of even the
smallest loans, and streamline the experience for both borrowers
and financial institutions.
Media Inquiries:
Beth
Planakis, Director of Marketing, Velocity Solutions:
beth@myvelocity.com
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SOURCE Velocity Solutions, LLC