If you're lending to small businesses, you've likely heard about Section 1071. It's part of the Dodd-Frank Act, and after years of legal back-and-forth, the Consumer Financial Protection Bureau (CFPB) is moving forward with it, albeit with more pushback and rule revisions still underway. At its
The landscape of cybersecurity threats to credit unions is constantly evolving. As cyberattacks become more sophisticated, it's crucial to stay informed. Studies reveal that 80–90% of data breaches are caused by human error, not technology failures. This underscores the need for continuous education and innovative
Market data indicates a strong push for change, with 96% of financial institutions investing in payment modernization. Mid-tier banks now face challenges from established players and agile fintechs. Customer expectations are clear: 43% of businesses prioritize real-time payment capabilities in banking partnerships, while 57% seek better
2024 witnessed significant financial developments, marked by market fluctuations and policy changes that have profoundly influenced the economic landscape. These shifts in various sectors, movements in interest rates, and global events have not only impacted but also shaped overall financial strategies. In September 2024, the Federal
Loan officers face a critical challenge - securing 4506 transcripts efficiently to complete loan applications. These essential IRS documents directly impact loan approvals, with delays causing missed closing deadlines and disappointed clients. Our proven expertise with 4506 transcript processing delivers results that matter to your business.
Over 15 million Americans are affected by identity theft each year, and lending fraud accounts for much of this. Fraudsters have become more sophisticated as they try to exploit traditional lending systems. Social Security number verification services provide the first defense against these evolving threats. These
Mortgage lenders risk substantial financial losses when they approve home loans. Income verification is a vital step in their lending process. Studies reveal that incorrect income reporting leads to loan defaults and foreclosures more than any other factor. Lenders need proper verification to make intelligent
Securing a Small Business Administration (SBA) loan often involves navigating complex tax return requirements. These requirements significantly impact the loan application process, making it crucial for business owners and SBA lenders to understand the intricacies involved. The recent introduction of Form 4506-C has changed how
In corporate finance, asset-based lending is a dynamic solution that allows businesses to use their tangible assets as collateral for funding. It offers flexibility tailored to the borrower's needs and immediate liquidity. While asset-based lending offers numerous advantages, it is not without its inherent risks and
The lending process has significantly transformed in recent years, driven by technological advancements and changing customer expectations. Financial institutions are increasingly turning to automation to streamline their operations, enhance the customer experience, and improve loan origination efficiency. This shift towards digital lending has revolutionized how