Focus For Examiners In 1994

At a session titled 'The Board's Role In Compliance' at the Independent Bankers Association of America Conference in Orlando in February, banking attorney Martin Lowy said that financial institutions should focus on three points for examinations. They are:
The Compliance Plan
Compliance oversight mechanics
Recordkeeping

Compliance officers should concentrate on four key areas, according to Mr. Lowy. He stated that, in his opinion, The most critical is Regulation O, closely followed by insider transactions.

The third area is fair lending, and the fourth is Community Reinvestment. "Whatever CRA was last year, it won't be next year," he said. "...and I've not talked to anybody who likes the changes proposed."

Copyright © 1994 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 4, No. 9, 3/94