SECU Replaces FFIEC Freeware with Geocoding Solution
State Employees' Credit Union said it has replaced its freeware from FFIEC with a Florida company's solution for automatic compliance with HMDA lending regulations.
The $21 billion Raleigh, N.C., institution is now using ComplySuite from RATA Associates in Longwood, Fla., geocoding and monitoring software the company said is based on theFFIEC Fair Lending Examination Procedures and offers tools that detect potential risk associated with lending performance.
The 1.6 million-member credit union had been using the free Home Mortgage Disclosure Act software from FFIEC but said it was unable to handle the large amount of data the big credit union was generating that needed manual keying.
RATA said its solutions can scale to credit unions as small as $10 million in assets and that it has served more than 600 institutions in its 23-year history.