Rick Preiss is President and Founder of Preiss&Associates, LLC, a full service compliance consulting firm. Since 1992 Preiss&Associates has been using regulator procedures to perform custom monitoring analyses for financial institutions. Initially, Preiss&Associates developed Logit MonitoringTM for HMDA race-based underwriting decisions; however, the Company’s statistical practice quickly diversified into analysis of credit products (e.g. home equities, indirect auto, as well as other types of consumer loans). As the regulator use of statistics has expanded, Preiss&Associates has introduced additional products such as Credit Price MonitoringTM that analyzes credit prices (e.g. note rates, APRs, discretionary fees and overages), credit score overrides and the potential for steering.
In addition to its custom consulting practice, Preiss&Associates uses its statistical expertise to assist clients who have statistical software in the development of their regression equations for inclusion in their software. Finally, law firms representing financial institutions in fair lending litigation engage Preiss&Associates, LLC to perform statistical work. The firm’s consulting practice is national in scope and includes clients from all the regulatory agencies.
An Academic and a Businessman
As a result of his experience in both the academic and business communities, Mr. Preiss brings his clients a unique balance between these two environments. This orientation is particularly helpful in his consulting practice as he applies sophisticated statistical techniques to everyday business circumstances. Mr. Preiss’ business experience provides him with a management perspective and cost discipline that benefit his clients. Besides his technical skills, he has knowledge of the on-going discrimination research being done in various government agencies and academia. Mr. Preiss is a contributor to national publications such as the American Banker, ABA Bank Compliance and the Sloan Management Review. Additionally, his articles have appeared in numerous regional banking publications.
Before founding Preiss&Associates, Mr. Preiss’ career reflects twenty years in positions of increasing management responsibility at companies such as Cummins Engine Company in Columbus, Indiana, Wharton Econometric Forecasting Associates in Philadelphia and with leading Chicago area firms such as Abbott Laboratories, IC Industries and Baxter International. Positions held include Corporate Economist, Vice President of Strategic Planning and Vice President of Sales and Marketing.
Rick Preiss earned an undergraduate degree from Emory University and both an MBA and a Ph.D. in Economics from Indiana University. During his doctoral course work, he specialized in econometrics and, while completing his dissertation, worked for the Nobel Laureate Lawrence Klein at Wharton Econometric Forecasting Associates in Philadelphia. Mr. Preiss’ work at Wharton with Klein included extensive model development. His background in econometrics, model building and data research/management are particularly relevant to the sophisticated analysis techniques that Mr. Preiss provides for his clients. Preiss&Associates is committed to providing custom, cost effective solutions to fair lending compliance issues while satisfying the distinct needs of each client it serves, regardless of size.