FORT LAUDERDALE, Fla. – July 9, 2024, 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