Wolters Kluwer launches Community Development Wiz to streamline CRA community development management

New solution will centralize and automate tracking of community development loans, investments, and services to improve compliance efficiency and regulatory readiness

Wolters Kluwer Financial & Corporate Compliance (FCC), a division of Wolters Kluwer, is enhancing the management of community development activities for lenders and other financial institutions with the launch of Community Development Wiz®.

Community Development Wiz is a comprehensive solution that streamlines Community Reinvestment Act compliance processes and consolidates services into one centralized repository, overhauling the fragmented systems and manual processes of traditional CRA compliance.

The solution addresses critical pain points for financial institutions of all sizes. Large institutions that report thousands of loans, grants, and donations annually, medium-sized banks managing hundreds to thousands of activities, and smaller institutions can all benefit from a unified platform that improves traceability, enables comprehensive analytics and ensures examination readiness.

"Community Development Wiz® represents a significant advancement in how financial institutions can approach CRA compliance," said Simon Moir, Vice President, Banking Compliance Solutions, Wolters Kluwer FCC. "By centralizing and automating the management of community development activities, we're enabling our customers to transform CRA compliance from a manual, time-consuming process into a strategic advantage that supports both regulatory requirements and community impact goals."

Key capabilities of Community Development Wiz include:

• Consolidates community development loans, investments, and services into one centralized repository
• Seamlessly communicates with CRA Wiz® to provide a holistic view of CRA-related performance
• Streamlines compliance processes necessary to manage community development activities
• Improves traceability of activities and enables comprehensive analytics and reporting
• Prepares financial institutions for effective CRA compliance year-over-year from examination-to-examination.

Community Development Wiz® joins Wolters Kluwer's Wiz Suite of compliance solutions that began in 1994 and which today also includes CRA Wiz® , Fair Lending Wiz ® , HMDA Wiz ® and Small Biz Wiz®. This latest solution further enhances Wolters Kluwer's commitment to helping financial institutions manage and comply with requirements related to the Community Reinvestment Act, fair lending, the Home Mortgage Disclosure Act, and Dodd Frank Act Section 1071 small business data collection regulations.