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Small Business Lending
On March 30, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule amending Regulation B to implement changes to the Equal Credit Opportunity Act (“ECOA”) under Section 1071 of the Dodd-Frank Act. Financial institutions covered by this requirement must collect and report to the CFPB data on applications for credit to small businesses and small farms, including those that are owned by women or minorities. The rule also addresses privacy interests in connection with the publication of the data; the shielding of certain demographic data from underwriters and other persons’ record keeping requirements; enforcement provisions; and effective dates.
CRA and HMDA
CRA compliance has become a major undertaking, consuming endless hours of staff time and management attention. It’s hard to know how your lending performance will look to examiners. You may not even have the necessary information to demonstrate your institution’s real performance level. Our CRA and HMDA solutions allow you to proactively implement processes and controls. With technology, outsourcing, consulting or a combination of all three, you can build a cost-effective CRA program that matches the strategic plan of the institution, ensures lending throughout the community, and meets regulatory expectations.
CRA Wiz® SaaS
Fair Lending
Managing fair lending compliance across your entire organization is a daunting task. It requires thorough monitoring of diverse loan portfolios and third-party loan originators for CRA, HMDA, ECOA and FHA violations. If you don't have a comprehensive fair lending program in place, you're risking serious consequences. Spend your time correcting problems instead of looking for them with industry-leading technology and consulting services that allow you to manage and monitor exposure to fair lending risk and mitigate it—no matter the size of your institution.
Anti-Predatory Lending
Anti-predatory lending compliance takes a comprehensive program that monitors diverse portfolios and third-party loan originators. The task is exacerbated by ever-changing and increasingly complex federal, state and municipal regulations. Coping with this tangled web of legislation is a formidable task. There is simply too much at stake to risk non-compliance. You can have a fully customized compliance program that protects you from predatory lending risk and automatically reviews every loan against anti-predatory lending laws to make sure that all loans are compliant prior to funding.
Advisory Services
Begins november
17
Join Wolters Kluwer for the 2024 CRA & Fair Lending Colloquium with over 1,000 compliance professionals, regulators and other industry experts.
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CRA Wiz support
Ordering and Billing Support
Phone: 800-261-3111 and choose option 3 for Sales or 7 for Billing.
Technical Support
Phone: 800-261-3111 and choose option 1 for Wiz® Technical Support, then option 1 for CRA Wiz®.
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