Method and system for performing CRA, HMDA, and fair lending analysis and reporting for a financial institution
US6993505B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Aug 20, 1997 |
| Grant date | Jan 31, 2006 |
| Priority date | — |
| Expiry date | Aug 20, 2017 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q50/18
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
The present invention discloses a method and system for collecting, standardizing, and analyzing lending data from all the offices of a financial institution, including information on small business, home equity, motor vehicle, credit card, mortgage, other secured and unsecured consumer products for commercial, community development, not-for-profit, and consortium customers. The invention enables data collection and analysis in a timely fashion such that interim reports may be prepared so that changes in lending practices can be implemented to assist with assuring compliance with the fair lending acts. A central repository is linked to all of the offices of the financial institution, and data mapping features are used to provide standardized reporting so that all data will be reported in a standardized form. The system processes, collects and standardizes information on new loans, renewals, credit line increases and application decisions for all of the business units within a financial institution. The present invention permits internal management reporting for review of performances against the CRA and HMDA plans. It also permits preparation of the reports for filing with the fede…
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.