How a Single Platform Improves the Success of Your Digital Efforts

Dodd-Frank 1071’s final rule, issued on March 30th, 2023, one day before the critical amendment to the Equal Credit Opportunity Act (ECOA) was anticipated to be finalized, is a game-changer for small business lenders.The rule mandates that financial institutions report certain lending data points for small business lending, including demographic data on women-owned, minority-owned and LGBTQI+-owned small businesses. This data will be used by the Consumer Financial Protection Bureau (CFPB) to enforce fair lending laws and to identify community needs and access to credit. The data collected under the rule will also be used to develop new programs and initiatives to support small businesses.

When a financial institution (FI) is required to collect and report the required data is dependent upon the number of small business loans originated during 2022 and 2023. The earliest date an FI is required to begin collecting data is October, 1, 2024 (2,500 originations) with time extensions to April 1, 2025 (100 or 500 to 2,500 originations) or January 1, 2026 (at least 100 originations), depending on circumstances.

The rule is a complex one, and FIs will need to take steps to comply with it. As your FI prepares to conform to the new requirements, here are some actions to consider.

Amazement. Excitement. Controversy. Fear.By now, you’ve probably heard of ChatGPT, the revolutionary artificial intelligence (AI) technology that has stunned the world in 2023. Perhaps you’ve even tried out the free version of this powerful tool to draft an email to your boss or write a poem about your pet.

As exciting as generative AI applications like ChatGPT are, they’ve also triggered fear and uncertainty across many spheres, from education, where many school districts have banned students from using AI to write their term papers, to the financial services industry, where major banks like JPMorgan Chase, Bank of America and Wells Fargo have prohibited their employees from using AI for corporate communications, citing compliance concerns. Meanwhile, other financial institutions, such as Goldman Sachs, are experimenting with generative AI tools internally to help write and test code, which has some developers worried about their roles.

While conversational AI tools like ChatGPT, Jasper and Google Bard have suddenly captured the public’s imagination, the underlying technology is not new. And it’s certainly not the only—or best—use case for generative AI in banking.

Midwest community bank moves to single platform to help ensure customer experience is at the forefront of every interaction.