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LendingPatterns™ has been updated with the 2021 Area Median Income
LendingPatterns™ has been updated with the 2021 Area Median Income based on the 2021 FFIEC Census data released July 14, 2021. To review the latest MSA/MD estimates, consult the 2021 Median Family Income Report using the link below. 2021 FFIEC Median Family Income Report
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CUNA Fair Lending Workshop Virtual October 12-13, 2021
Dana Ginsburg, Director of Business Development and Customer Relations, will be speaking at this year’s CUNA Fair Lending Workshop. For additional details, please use this link. Register Today!
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ComplianceTech Recognized for Market Readiness in CFPB Tech Sprint 2021
ComplianceTech was recognized in the category of Market Readiness during the recent CFPB HMDA Tech Sprint. Seventeen teams participated in the event to develop innovations in HMDA submissions and/or reporting. During the demonstration day, ComplianceTech received recognition for Market Readiness in the publication track. The full presentation for the HMDA Sprint is available online.
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7 Criticisms I have heard about Fair Lending Software Vendors
Several prospective customers recently shared specific things with me that they wish their fair lending software could do. They contacted me to set up a time to discuss their concerns and learn about ComplianceTech’s web-based suite of software for HMDA, CRA, and fair lending analysis. Since many voiced the same concerns, I thought it would…
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Auto Fair Lending: Do you monitor Dealer Markup?
The recent fair lending settlement announced by the New York State Department of Banking related to auto loans should put all auto lenders on notice. According to the settlement in New York State, two lenders failed to monitor automobile dealers that were charging minorities more in discretionary Dealer Markups than borrowers identified as non-Hispanic White.…
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Expanding Black Homeownership Webinar
The American Bankers Association hosted a Free webinar titled, “Be Part of the Change: Expanding Black Homeownership,” on June 29, 2021. ComplianceTech Managing Director, Maurice Jourdain-Earl, was one of the featured panelists for the webinar. The webinar registration link is available to access the recorded presentation. As described on the site, the webinar covered the following…
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LendingPatterns™ Updated with 2020 HMDA Snapshot
The 2020 HMDA Snapshot LARs released by CFPB on June 17, 2021, are now available in LendingPatterns™. LendingPatterns™ is a web-based data mining and analytical tool that uses public and private Home Mortgage Disclosure Act (HMDA) data to analyze loan applications for every lender required to report HMDA data. The web-based tool now contains 16 years of…
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HMDA Outliers: Does your credit union stand out in the crowd?
The term “HMDA Outlier” is used by the National Credit Union Administration (NCUA) and other regulatory agencies to describe part of their criteria for selecting financial institutions for fair lending reviews. Unfortunately, it can be a daunting task for a Compliance Officer to get a handle on their Home Mortgage Disclosure Act (HMDA) data and…
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House Financial Services Committee passes legislation to help combat lending discrimination
The House Financial Services Committee announces today they passed legislation to help combat lending discrimination and support LGBTQ-Owned Businesses. The bills passed by the Committee included: The Fair Lending for All Act (H.R. 166), a bill by Representative Al Green (D-TX), which would update the Equal Credit Opportunity Act and Home Mortgage Data Collection Act to help…
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HUD Makes More Than $20 Million Available to Community Housing Groups
Non-profit organizations have until June 14, 2021 to apply for U.S. Department of Housing and Urban Development grants to support fair housing testing, education, enforcement activities. According to the press release on May 3, 2021, there is over $20 million is available. There are three categories of grants being made available to non-profits, including: Education and Outreach…