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A Message From Our Team
Happy October! 🎃 Fall into our latest batch of updates designed to make managing your financial institution even smoother. This month, we're excited to highlight new features for the Banno Support app case queue, seamless browser-based key generation for developers, the launch of our new Origination Pilot & Beta Hub for lending and deposits, and so much more. Dive in below to see what's new!
Jack Henry 1071 Module™
Wait, a small business lending update in this Monthly Statement? Absolutely – because we know it's something that your compliance team is already thinking about.
Meet our new Jack Henry 1071 Module, which helps any of our financial institutions meet the data collection and reporting requirements mandated by Section 1071 of the Dodd-Frank Act with a secure, user-friendly module that simplifies the compliance process for Jack Henry core clients.
Available to banks and credit unions using any Jack Henry core system, this comprehensive solution includes tools for digital data collection, controls that help you meet the CFPB’s “firewall” requirements, data scrubbing capabilities, and reporting features that help banks and credit unions with their 1071-related compliance requirements.
Despite the recent delay pushing back the implementation date of Dodd-Frank 1071 for Tier 1 banks and credit unions, there are a fair number of compliance teams just chomping at the bit to get a solution up and running to prepare for data collection. That’s why we’re excited to announce that we’re ready to begin contracting for our new Jack Henry 1071 Module™. Just reach out to lendinginfo@jackhenry.com or your account executive to get going.
Have LoanVantage™ and want to wait for the integrated Jack Henry 1071 Module for LoanVantage™ instead? Not a problem! Once we complete the LoanVantage transition to Jack Henry Identity in the Fall, we’ll have a quick beta period to prepare for production.