The battle over Consumer Reinvestment Act (CRA) modernization is heating up as the Federal Reserve shared its plans for CRA reform and the House Financial Services Committee held a hearing assessing the potential winners and losers the OCC/FDIC CRA modernization proposal. Spoiler alert: The OCC/FDIC plan was subject to a lot of criticism.
Your institution might be using compliance analytics software and services for Fair Lending, HMDA, CRA, or Redlining so that it can recognize risks, increase transparency and grow smartly. But are you making the most of that data from a risk management perspective? Not if that data is only used by the lending, credit, or compliance departments. While compliance and lending are the most closely linked to Fair Lending risk, the truth is that Fair Lending extends into many operational areas. From marketing to the location of new branches to M&A, Fair Lending risk has a role to play in decision making.
According to FDIC Chairman Jelena McWilliams, there is a chance that the agencies will end up not reaching an agreement on CRA modernization. We catch you up on what she means and what could end up happening.
After a summer spent visiting communities to see where the Community Reinvestment Act (CRA) has succeeded, and understanding where it can be improved, Comptroller of the Currency Joseph Otting said he is hopeful that a joint CRA modernization proposal will be issued on an interagency basis this fall.
The Independence Day holiday is coming up! As we prepare to celebrate the U-S-of-A tomorrow, we wanted to have a little fun with compliance today. In this post, you'll learn what is sparking fireworks in Fair Lending compliance this year. This is the future of Fair Lending compliance and enforcement! Especially after the recent enforcement action, this is news you'll want to know.
Learn three essential trends shaping the compliance industry we've discovered after speaking with industry pros, compliance officers, lobbyists and regulators! These three key takeaways are important for every banking compliance professional to consider as they move forward in a rapidly changing regulatory environment.