Wolters Kluwer Launches Community Development Wiz® to Streamline CRA Community Development Management

MINNEAPOLIS--(BUSINESS WIRE)--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® represents a significant advancement in how financial institutions can approach CRA compliance," said Simon Moir, Vice President, Banking Compliance Solutions, Wolters Kluwer FCC.

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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.

Wolters Kluwer Financial & Corporate Compliance is a division of Wolters Kluwer and provides a wide range of technology-enabled lending, regulatory and investment compliance solutions, corporate services, and legal entity compliance solutions. These expert solutions help financial services, business owners and corporate professionals maintain ongoing compliance requirements, increase efficiency and produce better business outcomes.

About Wolters Kluwer

Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.

Wolters Kluwer reported 2024 annual revenues of €5.9 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,600 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Facebook, YouTube and Instagram.