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Managing CRA Successfully in a Changing Environment
As part of the overall focus on corporate governance and regulatory compliance, CRA management has become a major undertaking, absorbing substantial resources, staff time, and management attention. Labor-intensive, costly, and error-prone, it does nothing to directly improve the your bottom line. Yet, it not only must be done but done right.
Today, CRA compliance management is a disjointed process at best. It involves laborious data collection and preparation. Assessment areas must be correctly defined. Data must be accurately geocoded. When the examiners come, the data must be properly organized, and reports must be painstakingly prepared. How well you do it can impact the outcome. Errors are common; mistakes are hard to detect. All of this is labor-intensive and slow, consuming endless hours of staff time. It cries out for intelligent automation.
Although nothing will make CRA compliance magically go away, automation can streamline the process, deliver in-depth reporting and analysis, and boost the accuracy and quality of your data while substantially reducing the labor involved, in many cases by as much as 80% -- which, indeed, is good for the bottom line. And the benefits of intelligent CRA automation and processes will ripple throughout your entire lending operation, improving HMDA reporting and identifying new opportunities. |
CRA Wiz creates a presentation platform that should become the industry standard for expressing comparative views of lending activity.
Frank Hammond
Vice President
Mellon Bank
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