When you have to be right
Whether complying with regulatory requirements or managing financial transactions, addressing a single key risk, or working toward a holistic enterprise risk management strategy, Wolters Kluwer works with more than 15,000 customers worldwide to help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. Wolters Kluwer provides risk management, compliance, finance and audit solutions that help financial organizations improve efficiency and effectiveness across their enterprise.
With more than 30 offices in 20 countries, the company’s prominent brands include: FRSGlobal, FinArch, ARC Logics®, TeamMate®, Bankers Systems, VMP® Mortgage Solutions, AppOne®, GainsKeeper®, Capital Changes, NILS®, AuthenticWeb™ and Uniform Forms™. For contact information, please click here.
HMDA, CRA and Fair Lending Conference
Wolters Kluwer hosts an annual conference focused exclusively on CRA, fair lending and HMDA called the CRA and Fair Lending Colloquium. The conference will be held November 5 – 8 in Nashville, Tenn. Registration information and conference details can be found at www.cracolloquium.com.
Resources From Wolters Kluwer
HMDA and CRA Data Scrubs: Monthly, Quarterly or Annual Data Scrub Services
Accurate HMDA and CRA data form the basis of the key data used in fair lending and CRA examinations. Our consultants understand bank operations and systems, HMDA and CRA data requirements, and the technology used to transform that data into highly accurate data ready to be submitted and analyzed. Our process reviews have helped many institutions decrease the amount of time and money spent capturing and “scrubbing” this data.
The Submission Services Package
The submission services package is a cost-effective outsourcing service for HMDA and CRA (small business) submissions. Our experts will import a HMDA and/or CRA year-end file, geocode HMDA and CRA data, check for quality, validity, and/or syntactical errors, conduct FFIEC edit verification, and submit to the government electronically in the required format.
CRA Wiz and Fair Lending Wiz
These products provide the analytics needed to fully understand what the new data says before data becomes publically available.
Fair Lending Risk Reviews
The Fair Lending Risk Review focuses more on the specific analysis of transactions and data. It includes a look at data quality, performance compared to demographics and peers, regression analysis identifying outliers, and focal point reviews, and it can include a Comparative File Review
Fair Lending and Compliance Program Risk Assessments
The Fair Lending Risk Assessment helps our clients understand fair lending risks end-to-end in the lending cycle, and comprehensively across all products and services. We can evaluate controls and identify gaps in your program. We can also provide a scoring framework you can use year over year. We can also do a broader Compliance Program Risk Assessment to capture a broader scope of regulatory risk.
Wolters Kluwer Advisory Services has experienced professionals with deep experience in CRA. With the convergence of HMDA, fair lending and CRA, we can help with self-assessment of performance against regulatory criteria. We work collaboratively with clients to create flexible, go-forward strategies and solutions to meet client needs, whether preparing for a CRA exam or addressing CRA challenges facing the organization. The primary purposes of a CRA Self-Assessment are to help a bank: (1) calibrate its current level of CRA performance; and (2) identify opportunities for enhancing CRA performance before the next examination.
Compliance Management System (CMS) Reviews
Given the expansion of the data collected, you will want to make sure to have a compliance management system (CMS) in place to provide a framework to ensure all compliance responsibilities related to expanded HMDA data are being addressed. The consultants with Wolters Kluwer can conduct a CMS review and evaluate your compliance policies, processes, controls, monitoring, reporting, training and systems to develop a gap analysis and actionable recommendations to improve the operational efficiency and overall CMS against the requirements of the expanded HMDA regulations. They can review and revise existing HMDA compliance documentation, and evaluate and revise policies and procedures, monitoring, training and reporting.
Our CMS review helps financial institutions identify gaps in their compliance risk management program. Each review is unique and can focus on comprehensive assessments to single subject reviews; from regular, ongoing evaluations to one-time redesign projects; from broad policy reviews to deep-dive transaction testing, or from training program reviews to customer complaint management programs.
Given the need to collect new fields of data in 2018, lenders will also want to focus on systems to collect the new data. There may need to be two sets of data aggregation rules in place: the current rules to maintain getting it right for the 2017 data flow, and the new rules in anticipation of the 2018 data fields.
Automation will be the key to effectively managing the enhanced data set. Our Wiz® suite applies a wide range of automation technologies for collecting, editing, analyzing and submitting data; provides powerful and guaranteed accurate geocoding; flexible edits, views, reporting and intelligent analysis.
- CRA Wiz for data management, analysis and submission
- HMDA Wiz for data management, analysis and submission
- Fair Lending Wiz for analysis
- Browser Based Editing (BBE) for mortgage and community development data management
- CRA and Fair Lending Wiz Dashboards of compliance goal management
HMDA Resource Center
Visit the Wolters Kluwer HMDA Resource Center for guidance, updates and resources to help with the HMDA expansion. The site includes the following resources:
- Free HMDA Readiness Project Plan
- HMDA LAR Data Collection Worksheet
- Articles by Wolters Kluwer Experts