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Being a Better Regulator
At BAI's National Regulatory Compliance Conference, Carmen Sullivan, Director of FDIC's Compliance and Consumer Affairs Division, asked insured banks what kind of feedback and information the FDIC should provide, during examinations and at any time. Sullivan stressed that the FDIC is emphasizing trust, respect, and professionalism in examinations. These elements should be the basis of the banker-examiner relationship.
Eight banks have used the FDIC's new appeals process, submitting a total of nine appeals. In three of these cases, the decision has been in favor of the bank.
On the lighter side, she assured the audience that FDIC examiners are not paid by the number of violations they uncover.
Copyright © 1997 Compliance Action. Originally appeared in Compliance Action, Vol. 2, No. 7, 6/97
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