Wolters Kluwer, a leading worldwide provider of comprehensive compliance, risk management, and audit solutions for the financial services industry, announced that Allegiance Bank, headquartered in Houston, Texas, has selected the company’s CRA Wiz and Fair Lending Wiz solutions to help the bank manage fair lending compliance across its entire organization.
Allegiance Bank operates 16 full-service banking locations and one loan production office and has serviced the Houston metropolitan area since 2007. The bank has and has an asset size of $2.86 billion.
Fair Lending Wiz is a complete and automated fair lending management solution allowing Allegiance Bank to identify potential risk—such as underwriting and pricing risks—and promptly take corrective actions where needed. CRA Wiz helps the bank apply a range of fully customizable automation technologies to its CRA reporting process, including guaranteed accurate geocoding, to speed up data preparation for CRA reviews and, ultimately, to ensure banks meet the credit, service, and community development needs of the communities they serve.
The CRA Wiz and Fair Lending Wiz are part of the Wiz solution suite, a collection of compliance intelligence software solutions that can be customized to meet a variety of needs and budgets. The CRA Wiz is designed to apply a wide range of fully customizable automation technologies to CRA reporting processes and is designed to give a total CRA compliance program that fits clients’ services and market. The Fair Lending Wiz is designed to position client institutions for growth by providing robust analysis allowing easy identification of potential risk and immediate corrective action to remedy unfair lending practices. Fair Lending Wiz analyzes, verifies, and documents compliance with all fair lending regulations.
“As a former Officer of Thrift Supervision (OTS) examiner, I am accustomed to using Wolters Kluwer CRA and Fair Lending Wiz technology in my examinations, and I trust the data these solutions provide,” said Marcus Vasquez, VP and Fair Banking Officer at Allegiance Bank. “We are a growing commercial bank, and I want to have the assurance that our data would be comparable, if not exact, as to what regulators are using when conducting our examinations. The peace of mind these solutions provide is invaluable.”