Wolters Kluwer Hosts Webinar on Community Reinvestment Act Modernization

September 17 event will explore key aspects, impacts of OCC’s CRA rule for lenders

MINNEAPOLIS--(BUSINESS WIRE)--Wolters Kluwer Compliance Solutions is hosting an informational webinar, “CRA Modernization: Getting up to Speed on the OCC’s Final CRA Rule,” to highlight key compliance considerations and elements of the updated Community Reinvestment Act (CRA) regulations issued by the Office of the Comptroller of the Currency (OCC). This complimentary event takes place from 2-3:15 p.m. EDT Thursday, September 17.

In May 2020, the OCC issued, on its own, a modernized CRA regulation applicable to national banks and federal savings associations under its supervision. Among other things, the regulation establishes new performance tests, expands the activities that qualify for favorable CRA consideration, makes key changes to assessment area requirements, and adds substantial new data collection, recordkeeping, and reporting requirements.

Speakers include Timothy R. Burniston, Senior Advisor, Regulatory Strategy for Wolters Kluwer, and Karen Tucker, an independent consultant and CRA expert with KPT Consulting. Burniston and Tucker have decades of experience focusing on CRA regulation, policy, examination, and consulting. These CRA experts will review key aspects of the rule, including:

• Effective dates and timelines
• Assessment areas
• Qualifying activities
• General performance standards
• Data collection, recordkeeping, and reporting
• Expected OCC guidance and actions
• Practical considerations for implementing the new regulation

“The OCC’s modernized CRA regulation contains substantial changes that present implementation challenges for affected banks,” says Steve Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions. “We remain committed to assisting the industry, through our expertise and solutions, navigate the complexities of these new and updated regulatory requirements and incorporate them into CRA programs.”

Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance division, helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and other regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.

About Wolters Kluwer Governance, Risk & Compliance

Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.