Compliance Action, Volume 22, Number 7/8
Over time, the role of bank directors in financial institutions has steadily evolved. But what doesn't change is the board's overall mission to maintain a strong financial instituion that supports a compliant bank strategy.
The most significant challenge to your compliance management system is the sheer volume and complexity of regulatory changes. An effective regulatory change management process is needed to keep up on the laws, regulations, interpretations, guidance, litigation, and public perception that impacts your institution.
The FFIEC's updated Uniform Interagency Consumer Compliance Rating System (CCRS) impacting consumer compliance examinations went into effect March 31. Directors, senior management and bank leaders should be adequately trained on the new CCRS.
In the Editor's Opinion
Baby Steps to Build the Future
At the recent "National Bank On Conference," FDIC Chairman Gruenberg raised some interesting issues on the future of banking that are closely related to compliance.
Outsourcing a function or process to a third party vendor does not outsource liability.
While not always a positive aspect of doing business, consumer complaints can be a valuable marketing resource and provide insight into improving products and services.
Compliance Q & A
- Monthly Statements on Savings Accounts
- Joint Affirmation for a Guarantor
- Underwriting Guidelines for Minimum Loan Amounts
- Patti Blenden
- Executive Editor:
- Lucy H. Griffin, Esq.
- Board of Advisors:
- John S. Byrne, Esq.
Cliff E. Cook
Michael D. Maher
Carl G. Pry
Robert G. Rowe, III, Esq.