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Utilizing HMDA Data to Strengthen Merger Evaluations
The announcement of the merger between Wings Financial Credit Union and ENT Credit Union on April 23, 2025, has prompted me to consider its impact on the industry, as well as what lenders can learn by examining the data behind the merger. The good news is that it is easy to create pseudo bank and…
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How Community Reinvestment Act Software Streamlines Compliance
The passage of the Community Reinvestment Act (CRA) in 1977 was a defining moment for fair lending practices in the United States. By encouraging banks to meet the credit needs of all segments of their local communities, including low- and moderate-income (LMI) neighborhoods, the CRA started the conversation about equitable access to financial services. The…
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Key Questions To Ask Vendors About Their CRA Compliance Software: Ensuring Successful Submission and Analysis
geralt/ Pixabay Compliance with the Community Reinvestment Act (CRA) is essential for financial institutions that want to remain in good standing with regulators and the communities they serve. The CRA requires banks and other lenders to meet the credit needs of the communities in which they operate, particularly in low- and moderate-income areas. First enacted in 1977, the…
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Fair Lending Software: Choosing the Best Tool
In recent years, the U.S. federal government has taken concrete steps to clamp down on redlining — the illegal practice of denying services to residents of certain areas based on racial or ethnic composition. The Combatting Redlining Initiative reflects a groundswell of regulatory actions intended to root out these discriminatory practices in the housing and…
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CRA Modernization Final Rule Released
The CRA Final Rule was released today, October 24, 2023. The Office of the Comptroller of the Currency (OCC), Board of Governors of theFederal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) areadopting final amendments to their regulations implementing the Community Reinvestment Actof 1977 (CRA) to update how CRA activities qualify for consideration,…
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ComplianceTech will present at the CUNA Lending eSchool 2023
Event Date: November 20-December 14, 2023 Registration Link CUNA Lending eSchool 2023Event Date: November 20 – December 14, 2023 Recorded Available Until: October 31, 2024 One of the important ways credit unions serve their members is through offering critical and dynamic lending services. Are you looking to update and refresh your approach to lending to…
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Webinar: Navigating Fair Lending for Credit Unions
Welcome to the webinar: Navigating Fair Lending: Insights into Risk Assessments and Monitoring for Credit Unions! You can access the recording: Webinar Recording Link We will address the following topics during the July 18, 2023, webinar at 1:30 PM Eastern Standard Time. Fair Lending Hot Topics for CUs In today’s regulatory environment, credit unions face…
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The Latest DOJ Redlining Settlement: Lessons Learned
The US Department of Justice (DOJ) announced its Combatting Redlining Initiative in the fall of 2021. Each redlining settlement provides a roadmap for lenders to follow to ensure that lending activity is adequately monitored. Of utmost importance is ensuring that if a problem is identified, there is an action taken, and the issue is not…
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ComplianceTech will attend ABA RCC Conference
ComplianceTech is excited to announce its participation in the upcoming American Bankers Association (ABA) Regulatory Compliance Conference from June 13-16, 2023. This conference is a premier event for regulatory compliance professionals in the banking industry, and ComplianceTech is thrilled to participate in it. As a leading provider of cloud-based fair lending compliance solutions, ComplianceTech will…