We are now a large bank with new reporting criteria. Our first exam last September (as a large bank) was rather difficult - we had to re-do all of our loans while examiners were on-site.
I am looking for suggestions to improve our data collection, manage reviews and reporting of correct information. This is not a topic I see discussed or training offered on and I get that it depends on what your institution decides to develop in terms of a CRA Program but I need some direction. What works for you?
My bank is at $4billion in assets and growing (acquiring) with 42 locations.
Currently, I review 100% of our CRA loans and we are at a 58% error rate due to incorrect info provided and input errors. Obviously this is unacceptable. What have you done to bring your institution up to par? I am working on a training program to address our data collection issues and we do use Centrax software to collect, review and analyze. There are 3 people in my department - the other 2 handle Community Development, Philanthropy and Services.
We just acquired another bank and will be on this track for many years to come. It is imperative that I get things in order now. Thanks in advance for your help and suggestions!