Looking for a Job?

I received a press release the other day that said that because banks face increased government regulation, more hiring is needed to keep up with the workload. Isn't it interesting that people in Washington who are most connected with the laws and regulations that add to the burden of the everyday job of the community banker realize that many, or most, of them are overworked? And yet, it's difficult to convince your own administration that customer service and branch people have a life away from the office.

Job Opportunities
The press release goes on to say that the shortage of informed bankers is good news for this year's college graduates, as it means more job opportunities, especially in the compliance area.

Of course this is in reaction to the many new or expanded duties now demanded of financial institution employees who are on the front line. There are more irate customers coming through the doors these days due to lack of understanding about the financial industry's "new" methods.

For Instance...
There's the depositor who has had an account with the financial institution for thirty years who wants to open an 'in-trust-for' savings account for his new grandchild. He has big bucks on deposit. You know him, his wife, and whole family. And he gets pretty feisty when he sits down to open that account and you ask him for his driver's license and identification.

And forget about the fact that you sent all kinds of disclosures and information about the new overdraft policy, and the enhanced overdraft protection for accounts, and the charges for them - makes no difference how detailed or informative that mail was. Nobody read it! When the charges and bounced checks hit, it's the customer service person's fault!

Now the new bankruptcy laws have hit the media, along with all the bad publicity for the banks - big, mean things that they are. It seems like when they lend money out, they expect to get it back! The law Congress passed indicates the person who declares personal bankruptcy won't be able to simply walk away from that responsibility altogether. The reporters who write about that seem to think the new law unreasonable, and the customer service person has to deal with that 'attitude.'

Add all of this to continuing problems, and laws and regulations that are "in the works" - expanding the Patriot Act, the extra work with the Fair and Accurate Credit Transactions Act (FACTA) and its accompanying requirements for the timely and efficient destruction and disposal of records, the complications and details of Check 21, the details of the Sarbanes-Oxley Act (SOX), the changes coming in Regulation CC, the problems with Money Service Business (MSB) accounts, and the increased scrutiny by examiners for Bank Secrecy and Suspicious Activity Reporting.

What We Really Need
I'm not so sure we need new hires to handle the compliance problems facing our front line. According to an ABA Banking Journal survey, nearly 90% of community banks find it difficult to hire compliance professionals. The answer to that, as the press release points out, is that banks need to use comprehensive training to develop and mentor from within. What we need is better training, better communication, coaching, and encouragement of our employees who already understand the unique demands piled on front line people. And it wouldn't hurt to have a whole lot more understanding and appreciation from administration.

Having the "experts" in Washington recognizing the problem may help in your own efforts to convince your CEO and operating high ranking officers that there is a need for outside compliance training. You may not get extra staff, but you'd have a chance to make your job easier. It's worth a try.

Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 4, 5/05