#36: Best Practices to Ensure CRA Data Integrity

Gather all of your data-related resources into one place.Review the data-related policies and procedures. Review the content. What is missing? Is it accurate? When was it reviewed last? Does it have a revision date? Create a regular review schedule and make sure to involve major stakeholders (loan officers, underwriters, loan booking, documentation, your chief compliance officer, etc.).Identify your small business control points within the bank. Do you have a data flow chart for all commercial loan products? Are specific business unit procedures documented? Have you reviewed them? Are they accurate? How often should they be reviewed? Create a regular review schedule with the appropriate executive-level review and acknowledgement.Simulate a data integrity examination. Report your findings and your specific recommendations to executive management.Train. Customize training for key stakeholders: branch employees, loan officers, underwriting, loan booking and documentation, compliance colleagues, management, executive management and the board.Train again. This best practice will never end... but the impact, critical! Quotes• “The best desktop procedures are used to help create bench strength, to help train various team members and make sure that you ensure data integrity and that it’s institutionalized for your CRA program and your bank.” (02:21-02:38)• “Training of course is so key to all of this data integrity best practice.” (03:45-03:50)• “The best practices that are associated with CRA data integrity: it’s never-ending, right? We have to keep working it, make sure it’s part of your core governance, revisit this work and make sure you’re able to ensure compliance and integrity.” (04:23-04:38)Want to learn more about the CRA? Sign up for CRA Today’s free course: https://hub.cratoday.com/freecourseLinksConsumer Compliance Handbook (Page 852-854): https://www.federalreserve.gov/boarddocs/supmanual/cch/cch.pdf CRA Today Website: https://cratoday.com/ For more information on the CRA Hub, a membership for bankers to connect, inspire, and master the art of CRA: https://cratoday.com/hub/ Copyright © 2021 by CRA Today LLC(No claim to original U.S. government material)All rights reserved. No part of this podcast may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, including electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the author and publisher.This podcast is a periodic publication of CRA Today LLC and is intended to notify and inspire recipients of new developments in the Community Reinvestment Act. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have.Podcast production and show notes provided by HiveCast.fm