Tamarack Technology introduced CloudComply 1071, a SaaS-based solution designed to ensure financial institutions comply with the impending Section 1071 of the Dodd-Frank Act.
 
“Discussions around compliance with Section 1071 have been swirling around for several years, but now they have taken on a greater sense of urgency,” said Daniel Nelson, CLFP, founder and CEO of Tamarack Technology. “With CloudComply, we streamline the process and mitigate the risk of noncompliance in two ways: First, we’ve designed our platform to collect and maintain the demographic data on behalf of the financial institution, ensuring the demographic data is firewalled from the credit adjudication process. Second, if desired, we can later merge it with the financial data and use our AI tools to perform the required self-assessment and annual filing on behalf of the lender.”
 
CloudComply is the only current 1071-compliance offering that provides third-party data collection, storage and firewalling – guaranteeing lenders maintain the ability to make financial and credit decisions independent of the gathered demographic data. Robust and seamless, it can grow with an organization’s needs and ensures regulatory compliance and data management. Integration with an organization’s existing system is accomplished through modern APIs.
 
Benefits realized with CloudComply include:

• Collection of small business demographic information – Effortlessly request 1071 demographic data via email and SMS
• Real-time updates – Easily modify or cancel requests as needed
• Comprehensive status tracking – Gather instant insights into small business outreach  and recorded demographic data
• Flexible data export – Generate CSV reports of demographic requests within specified date ranges
• Off-site data storage – Achieve guaranteed compliance with off-site storage of demographic data
• Mandated reporting – Use AI tools to perform required self-assessment and annual filing

CloudComply is a SaaS solution which includes regular product enhancements to maintain compliance with updates of the 1071 requirements. Additionally, it runs on the Tamarack secure SOC 2 Type 2 certified SaaS platform to safeguard the collection and storage of applicants’ demographic data. Using a modern SaaS model for compliance offers clients more control over data collection, improves transparency and ensures compliance with industry regulations.