Wolters Kluwer hosts webinar on Community Reinvestment Act modernization
September 17 event will explore key aspects, impacts of OCC’s CRA rule for lenders
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.”