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Looking For Ways To Reduce Burden?
Comptroller Hawke advises banks that Truth in Savings is an example of the industry's failure to address the underlying concerns on its own. Hawke delivered this observation (and warning) in his address to a general session at ABA's National Regulatory Compliance Conference. Hawke discussed the pattern of law and regulations and warned the industry that most compliance is the result of industry practices and failure to heed consumer concerns. So, if you want to be sure you have time to take vacations in the future, advise your bank's management that maintaining sensitivity to customer concerns as well as to profit opportunities may help with the bottom line by preventing more regulatory burden.
Copyright © 1999 Compliance Action. Originally appeared in Compliance Action, Vol. 4, No. 9, 7/99
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