The 2024 CRA & Fair Lending Colloquium
I have attended Wolters Kluwer’s CRA & Fair Lending Colloquium for many years, some as an attendee but many as a speaker representing the Federal Reserve System. This annual event has always been the premier gathering for compliance professionals to be colloquial with one another by discussing current trends in fair banking and community reinvestment in a way that was informative and balanced. In 2024, however, I had the distinct honor of assuming the role as Master of Ceremony. Although I had assisted in planning the agenda and working through logistics since my arrival at Wolters Kluwer in 2022, with this new role came the added responsibility of ensuring that every attendee had the best experience possible.
We convened in mid-November in Orlando, Fla., excited to see familiar colleagues and friends. But there was also angst due to pending changes in the Oval Office and the regulatory uncertainty that would undoubtedly come with a new president, as well as constrained bank budgets and added responsibilities to consider in 2025. Our attention remained focused on the Consumer Financial Protection Bureau’s (CFPB) Small Business Data Collection Rule, the developments related to modernization of the Community Reinvestment Act (CRA), and several recent case studies of fair lending-related settlements brought forward by the Department of Justice.
This year’s agenda was constructed with regulatory uncertainty in mind. In fact, many sessions (including the keynotes and breakouts) brought forward more questions than answers, but feedback from the over 700 attendees was very positive. From the opening session with Shaun Donovan, the CEO and President of Enterprise Community Partners, to the closing panel entitled “Lessons to Take Home for Success in 2025,” the Colloquium heard from leading industry voices that highlighted emerging trends and areas of concern. But the dialogue was held with a sense of optimism and, dare I say, excitement that amongst uncertainty and unknowns, we as a group can meet our objective: to bring fairness and equity in lending to all.
From my view behind the podium, the 2024 CRA & Fair Lending Colloquium was an absolute success. While some attendees would have preferred to walk away from the event with absolute certainty of what will happen (regulatorily) in 2025 and beyond, most left Orlando with a number of action items to help mitigate risk within their organization. New relationships were made, and frank, complicated discussions were had. All-in-all, while there are always chances to improve this event, I look forward to what the future will bring and I hope that those who attended the 2024 sessions feel the same way.
To gain a different perspective, I asked a colleague, Lloyd W. Brown II, to share what he saw, heard, learned at the event. Below are his takeaways; as a long-time Colloquium attendee and speaker and now serving as a senior advisor to Wolters Kluwer, Lloyd’s “learnings” are quite telling.
Expert reflections from Lloyd W. Brown II
As a longstanding attendee of Wolters Kluwer’s CRA & Fair Lending Colloquium, I would like to offer my reflections on this year’s event. For nearly three decades, the Colloquium remains one of the preeminent training forums for a diverse array of consumer protection and fair and responsible banking professionals. It continues to be insightful, thought-provoking, and energizing for those of us working in CRA, fair lending risk and other compliance disciplines.
This year’s Colloquium was unique for me as it marked my first time I attended not as the CRA officer for one of the nation’s largest banks, but as a senior advisor to Wolters Kluwer. In my new role, I had the opportunity to listen more intently during sessions and panel discussions, network with fellow attendees, and reflect on the ever-evolving regulatory landscape surrounding CRA, fair lending, HMDA, and small business reporting.
Regulatory challenges and leadership
As with many Colloquium participants, I am deeply concerned about the ongoing regulatory uncertainty surrounding key regulations, such as CRA modernization, the CFPB’s Section 1071 and 1033 rules, as well as beneficial ownership reporting. The cyclical and pervasive regulatory whiplash triggered by changes in the executive branch and Congress have become a pervasive challenge. This instability poses difficulties for the members of our industry, especially those in leadership roles, such as CRA officers, fair lending officers, 1071 and 1033 program directors.
These professionals face the daunting task of providing commercially reasonable, strategic and actionable advice to their boards and executive management while navigating a regulatory environment in flux. The 2024 Colloquium covered these topics—some strategically, some tactically, and others theoretically—as there remain many unknowns going into 2025.
The Colloquium’s value
The 2024 Colloquium reaffirmed the importance of one of my regulatory-specific philosophies: “CRA and Fair Lending, like other key bank regulations, provide banks with their licenses to operate.” These are not optional regulations for banks (and others) to comply with.
In alignment with this philosophy, the Colloquium offered a mix of foundational training sessions and advanced programming tailored to experienced and executive-level attendees. Additionally, the “Washington Update: Reinforcing Regulatory Priorities for the Coming Year” and the keynote address from former HUD Secretary Shaun Donovan were both very informative and well received by the audience. These opening sessions suggested the importance that even in times of regulatory uncertainty and change, compliance professionals need to be proactive with what is known today because if the status quo is preserved, there will not be sufficient time to react in a comprehensive way.
The Colloquium also included a keynote session where James Ballentine, CEO of Ballentine Strategies and a former ABA government affairs leader, reviewed the election outcome and implications for the banking industry. I had the great pleasure to moderate the latter keynote and had a lot of fun with the discussion as James shared with the audience his views on what “may” or “may not” happen under a new administration. One key learning was that the need for affordable housing remains large. The need itself is not new; however, the issue was brought up in many key governors’ races in the recent election, which should be refreshing to this audience as we move into 2025.
Other key highlights included:
- CRA in the Boardroom: This was a newly added session for 2024 in which attendees heard from a bank CEO, CFO, and COO on how CRA and fair and responsible lending related issues impact strategic decisions.
- Fair Lending: There were two sessions of note: one discussing how financial institutions can support economic mobility to address systematic inequality for marginalized communities. The other advised attendees on how to target investment strategies in low- and moderate-income communities and majority minority census tracts.
- Small Business Data Lending Collection Rule (1071): This breakout session covered the importance of preparation for this new and complex rule.
Topics on compliance in the age of digital transformation, regulatory change management and qualifying community development activities under the 1995 CRA Rule were well attended and offered significant value.
The Colloquium’s focus on timely, impactful topics reinforced its status as an indispensable resource for compliance professionals at all levels. On a personal note, it was great to see many longtime colleagues and to meet new participants to our industry. I was also pleased to see the growth in overall and first-time attendees to the conference.
Looking ahead
I left the Colloquium with a renewed commitment to mentoring and welcoming new colleagues to our field. It is vital for us, as regulatory professionals, to embrace change, pivot to a new normal, and leverage emerging technologies to enhance our work. Machine learning and responsible use of artificial intelligence, for example, hold immense potential to transform how we approach compliance and risk management.
Reflecting on my participation in past industry discussions, including CRA modernization efforts dating back to 2018, I remain optimistic. Collaborative engagement among bankers, community groups, regulators, policy makers, and stakeholders is essential to achieving long-term solutions. These efforts will enable banks to fulfill their business objectives while meeting the needs of their communities and increasing value for shareholders and stakeholders alike.
The 2024 CRA & Fair Lending Colloquium was not just a forum for continuous learning—it was a call to action. I am inspired to continue driving innovation, fostering collaboration, and championing the importance of regulatory compliance in our evolving industry.
It is never too early to begin thinking about the 2025 CRA & Fair Lending Colloquium, which will be held November 16-19 at the JW Marriott in Los Angeles. For those who are considering attending the 2025 event or putting you or your organization forward for a speaking slot, the call for topics as open. Please reach out to the Wolters Kluwer team to have your idea considered.
