Upcoming CRA Exam - Are You Prepared?
Written by: Bill Dolan, CMB, AMP
Do you know what your examiners are looking for today? Will you meet their expectations for your CRA program? Will you know how to respond when they ask: What is your CRA program? At SCA, we sure know the answers to these and far more questions they will ask!
If you want a successful CRA exam, you need to be prepared ahead of time and know exactly what the examiners will focus on, including any potential Fair Lending violations that may crop up and be identified.
SCA’s Compliance Consulting team of industry veteran subject matter experts will provide you with an assessment of your institution’s performance, applying techniques that are employed by the CFPB, FDIC, OCC, FRS, and NCUA in their examination procedures. SCA will review the following program elements in preparation for your upcoming examination:
CRA Lending Data, to specifically analyze the HMDA and Small Business Data generated from your last exam period to the current year. This will be the major focus for CRA performance by the examiners.
CRA CD Performance Metrics
Fair Lending Data Analysis
SCA will not only identify gaps, weaknesses, and inconsistencies in your data, but will provide you with the necessary recommendations to implement corrective actions prior to the examiners’ on-site arrival.
SCA’s objective is to also identify critical deficiencies in the performance that may not be able to be resolved prior to the examination. SCA will furthermore, provide the strategy for addressing those issues and recommend preparing and constructing an action plan with explanations and actions that will lower your institution’s exam risk.
And depending on the timing of your exam, SCA is fully prepared to create an Executive Summary and deliver a presentation (remotely) of these materials, analytical reports, and charts at your next Board of Director’s meeting, prior to the examination.
Now that you know what SCA can do for you prior to your next CRA exam, contact Bill Dolan, Director, at (617) 694-2617 to arrange a CRA Assessment Review today, or email Bill at: wdolan@scapartnering.com. Please visit our Solutions Page to learn more about our consulting and lending services in the areas of Technology, Servicing, Compliance (QC, HMDA, etc.) Outsourcing, Asset Management, Due Diligence, Training and Staffing that SCA can provide your institution today.
