Minneapolis-based Wolters Kluwer Financial Services has enhanced its Community Reinvestment Act (CRA) and fair lending solutions to help financial institutions address their growing compliance obligations as a result of the 2010 U.S. Census.
According to the company, the updated solutions include the latest census tract income categorizations, boundary definitions, and demographic data. All of this information helps institutions establish the critical benchmarks they require for effective CRA and fair lending compliance going forward.
In addition, the company's Fair Lending Wiz now includes a race proxy functionality that helps institutions to make a determination of an applicant's race when this information is not available in the loan file. The feature further extends the fair lending solution's current ability to provide gender and minority proxies. These proxies help improve the quality of Home Mortgage Disclosure Act loan data to detect potential problems that may contribute to discriminatory loans.