VELOCITY SOLUTIONS DELIVERS SECTION 1071 COMPLIANCE TO CLIENTS ONE YEAR AHEAD OF DEADLINE
The Floridant/10275961

FORT LAUDERDALE, Fla., July 9, 2024 ~ Velocity Solutions, a leading provider of digital lending solutions, has announced that its small business platform, Akouba®, is ahead of schedule in complying with the Data Collection requirements of Section 1071 of the Dodd-Frank Act. This milestone was achieved a full year before the extended compliance deadline of July 18, 2025.

Section 1071 mandates financial institutions to collect and report specific data on small business loan applications. While some institutions were given an extended deadline of July 18, 2025, Velocity Solutions has made this feature available to its Akouba® clients starting from July 18, 2024. This allows them to begin collecting data well in advance of the original deadline of October 1.

Mike Triggiano, Executive Vice President of Product Management & Corporate Development at Velocity Solutions, expressed his satisfaction with this achievement. "We're pleased to deliver this feature in our Akouba® applicant portal a full year ahead of the extended compliance deadline," he said.

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Triggiano also highlighted that Akouba® was designed to adapt to changing regulatory requirements and that they will continue to ensure their clients are prepared for any new developments in compliance.

Clients using the Akouba® platform can easily add this essential and free feature by contacting their Akouba® Client Service Manager. Once added, applicants will automatically see the Section 1071 questionnaire in the Applicant portal after creating an account. It is important to note that completing this form is optional and all information provided will be kept secure behind a firewall.

To learn more about Velocity Solutions' digital lending platform Akouba®, interested parties can visit myvelocity.com/akouba. With its commitment to staying ahead of compliance developments and providing innovative solutions for small businesses, Velocity Solutions continues to solidify its position as a leader in the digital lending industry.

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