The mountain of CRA, HMDA, and Fair Lending mandates that banks must comply with can be overwhelming even in a calm financial market. Now, as regulators put several of these laws under the microscope and take progressive actions intended to make lending more equitable, both surveillance and compliance demands are escalating.
But merely keeping up with these regulations today isn’t enough. Banks need to go beyond the bare minimum in order to remain competitive. And that takes the right portfolio compliance strategy. Compliance analytics and intelligence software eases compliance challenges and headaches by decreasing manual efforts and improving the accuracy of submitted data ― freeing personnel from scouring websites, subscribing to and reading publications from government agencies, attempting to properly format data, and other time-consuming processes.
