ANDOVER, Mass. - The Federal Deposit Insurance Corp. this week sealed a deal with Tactician Corp. to arm examiners with software that analyzes bank compliance with the Community Reinvestment Act and other fair-lending laws and regulations.
Tactician, as reported, is customizing its mapping software to help FDIC examiners evaluate the 7,000 state nonmember banks' community reinvestment efforts. The price tag on the 18-month contract is $425,900, the FDIC said.
The Federal Reserve Board as well as some district banks also are Tactician customers.
The "CRA Analyzer," as the software is called, will be available for sale to banks in September for less than $10,000. The product is being tested now in about 10 banks and will be ready for examiners in September as well.
The CRA Analyzer software is loaded onto laptop computers along with cartographic, Census, and Home Mortgage Disclosure Act data.
Users can import, geocode, and analyze data from the bank's mainframe, server, or PC data bases. The system is able to load on-site bank data in a variety of formats and perform a range of analytic procedures.
Users can display multiple geographic overlays such as states, counties, Census tracts, ZIP codes, and streets. They can also tie together data from different sources and analyze lending patterns visually.