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#1104395 - 12/31/08 05:56 PM What is compliance in charge of?
Compliance101 Offline
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Compliance101
Joined: Oct 2004
Posts: 473
Tennessee
What exactly is the Compliance Personnel in charge of? I was always taught that Compliance made sure the bank abides by the regulatins and acts the FDIC (or whatever agency) have. One example is, when a sole owner of a lock box passes away, who is allowed to get into that box? Is this Compliance or Safety and Soundness? Who takes care of this matter? Also, what is the answer?
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Operations Compliance
#1104398 - 12/31/08 05:59 PM Re: What is compliance in charge of? Compliance101
Bankster Offline
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Posts: 440
Midwest
I think it depends on your job description. I am the Compliance Officer, but I do not handle the types of legal matters you are referring to. Oh, and I don't know the answer to your question.
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#1104402 - 12/31/08 06:04 PM Re: What is compliance in charge of? Bankster
Compliance101 Offline
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Compliance101
Joined: Oct 2004
Posts: 473
Tennessee
I am the BSA Officer, and Deposits/Operations Compliance Officer.
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#1104459 - 12/31/08 07:51 PM Re: What is compliance in charge of? Compliance101
ApacheBelle72 Offline
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Oh My! Bless your heart...

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#1104497 - 12/31/08 09:17 PM Re: What is compliance in charge of? ApacheBelle72
bonette Offline
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Joined: Apr 2007
Posts: 117
georgia
I'm guessing that you are refering to a safe deposit box and those are regulated by the state. The banks attorney should look at any documentation that someone may bring into the bank requesting entrance into the safe deposit box upon the sole owners death. Usually the box will be locked down for a period of time. Just be careful and don't let anyone rush you into doing something you're not comfortable with. Also, be careful of POA's who come in requesting entrance into a safe deposit box.

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#1105330 - 01/05/09 03:16 PM Re: What is compliance in charge of? bonette
complianceman Offline
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complianceman
Joined: Mar 2005
Posts: 687
New Albany, IN
As the compliance officer, I am responsible for ensuring that the bank is in compliance with all federal and state rules and regulations. There is not a difference between alphabet regulations and safety and soundness. For example, Regulation O can be considered both Compliance and Safety & Soundness. Though I am not responsible for the reporting function, I am responsible for ensuring that the person report the information has it correct and that it is accurate as to the date of reporting.

The main point, as previously stated, is what does your job description state? If it is general like mine, you will want to define your duties and responsilities and get the documentation approved by management. If you do not put boundaries in place, you are responsible for everything.
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#1105852 - 01/06/09 02:54 PM Re: What is compliance in charge of? complianceman
Comply 101 Offline
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Comply 101
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I would suggest being in compliance with federal and state regulations leads a bank to being safe and sound. I would never, however, after reviewing loans for regulatory violations comment on the safety and soundness of those loans. I would be over stepping my authority and knowledge by doing so. That is why credit review and analysis departments exist in banks. So I would not agree compliance and safety and soundness are equal, but one may lead to another.

I agree, if state laws dictate procedures for safe deposit boxes, we as compliance officers are responsible-unless you have corporate attorney help.
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