Press Release

Wolters Kluwer Financial Services Enhances Fair Lending Solution

New Advanced Analytics Capabilities Help Lenders More Quickly and Easily Ensure Compliance in Light of Intensified Regulatory Scrutiny

MINNEAPOLIS – June 06, 2011 – Wolters Kluwer Financial Services announced today the company’s Fair Lending Wiz software can now help lenders more quickly and easily compare loan applicant data, with the addition of age, marital status, applicant income and tract income information to the application’s comparative file review models. In addition, Fair Lending Wiz now features a new comparator and control group configuration function that allows users to perform deeper analysis to identify potential fair lending issues.

Compliance with fair lending requirements has never been more important for financial institutions. In 2010 regulators referred nearly 50 fair lending cases to the Department of Justice (DOJ), more than had been referred to the DOJ in the past 20 years. And the newly-formed Consumer Financial Protection Bureau, which gains its oversight and enforcement power on July 21, is expected to focus much of its efforts on preventing discriminatory lending practices.

“In light of the continued regulatory scrutiny around fair lending compliance, we have been proactive in determining our lenders’ changing needs and translating what we’ve learned into new enhancements within our Fair Lending Wiz solution,” said Heather Czermak, director of Consumer Compliance for Wolters Kluwer Financial Services. “This is part of Wolters Kluwer Financial Services’ ongoing commitment to help lenders make such compliance an integrated part of their workflow. In that way, they are able to incorporate a culture of fair lending throughout the organization.”

Wolters Kluwer Financial Services’ Fair Lending Wiz software helps lenders effectively monitor against a variety of potential fair lending concerns, including redlining, reverse redlining, steering, disparate treatment, and disparate impact. 

This complete solution can help organizations comply with fair lending requirements tied to mortgage, consumer, small-business and automobile loans that are originated directly, or through third-party channels. The solution provides institutions with comprehensive analytical tools that allow them to easily identify potential risks and quickly take corrective action to remedy unfair lending practices.

In addition, Fair Lending Wiz now connects to Wolters Kluwer Financial Services’ Wiz Compliance Dashboards solution through a secure web-based interface. As a result, compliance professionals and executives utilizing the pair of solutions have enterprise-wide access to real-time regulatory analysis of their institution’s fair lending data.

About Wolters Kluwer Financial Services

Wolters Kluwer Financial Services is a comprehensive regulatory compliance and risk management business that helps financial organizations manage operational, compliance and financial risk and reporting, and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include: FRSGlobal, ARC Logics for Financial Services, PCi, Compliance Resource Network, Bankers Systems, VMP® Mortgage Solutions, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services supports its global customers with more than 30 offices in 20 countries and is a leading worldwide provider of compliance and risk management solutions for the financial services industry, serving more than 15,000 banking, insurance and securities customers across the globe. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and publishing company with annual revenues of (2010) €3.6 billion ($4.7 billion) and approximately 19,000 employees worldwide. Please visit our website for more information.