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65 banks install QuestSoft’s CRA RELIEF

Nov 9 – QuestSoft, a provider of compliance solutions and geocoding services for bankers and lenders, announced at the 2007 America’s Community Banker’s Annual Conference that 65 banks licensed the CRA RELIEF 2.5 software since the beginning of summer. CRA RELIEF 2.5 is the company’s Community Reinvestment Act compliance software system, which evaluates a bank’s lending performance and ensures compliance with all federal CRA regulations for performance ratings and process evaluations with the same Lending Test reports that federal bank examiners use.
In today’s financial environment, consumer watchdog groups as well as bank examiners are placing an increased focus on compliance.  The interest in software tools to manage compliance is rising at a rapid pace.  Banks benefit from the use of CRA RELIEF because it simplifies the process, providing complete reports to help banks pass CRA exams. The software also gives banks the tools they need to analyze their service area and identify areas in which to expand the bank’s services and products.


Automation Offers Key to Dealing With Mortgage Compliance Burden

By Leonard Ryan

Community banks face compliance burdens on every front. From the Bank Secrecy Act to cybersecurity and safety and soundness exams, bankers often feel like they spend all of their time dealing with compliance issues. In the last five years, mortgage compliance has grown in complexity and scope to become one of the most significant challenges facing banks.


Lining Up the Compliance Targets

When the Dodd-Frank bill passed into law two years ago, bankers and lenders knew it would take time to propose, write, evaluate and pass the nearly 400 individual rules established by the law. But progress has been painfully slow, leaving many bankers unsure of exactly what the new regulations will require. As of April 30, only 108 of the required 398 rules have been finalized, meaning the Consumer Financial Protection Bureau and other regulators still have nearly three-quarters of the law to finalize.


Be Ready for Mortgage Compliance Reform

While some changes are made to regulations every year, the final quarter of 2009 and first quarter of 2010 will bring one of the largest overhauls of mortgage lending-related regulations in recent memory.


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