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#1208597 - 06/26/09 04:38 PM New Compliance Officer
Anonymous
Unregistered

The compliance officer at our bank quit, and I have been "promoted". I have a strong background in deposit compliance but only basic knowledge of loan compliance. I know that the world of lending compliance is getting increasingly complex and many changes are coming.

What I'm needing is a "top-10" list of things that I have to get up to speed on quickly.

I would love to participate in the BOL "Triage" event, but that's not possible...so I'm on my own and overwhelmed.

Any advice on where to begin or resources I can use would be appreciated!

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#1208665 - 06/26/09 05:13 PM Re: New Compliance Officer Anonymous
ktac MITCH Offline
Diamond Poster
ktac MITCH
Joined: May 2005
Posts: 1,813
Giant side of TX
I have been the business for many years and am overwhelmed; so you will definitely find sympathy and A LOT OF HELP HERE AT BOL - use the threads to network & ask questions and get familiar with the Tools section and the Alphabet Soup section (all the Regs).
Send me a PM and I will share my "timeline" of upcoming changes.
IMO - #1 on your list would have to be the Reg Z / Mortgage Disclosure Improvement Act changes that are coming July 30. Hopefully the prior CO and your chief lender & credit dept. have already laid the ground work on this
_________________________
My opinions are just that, and might be worth what you paid for them.

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#1209229 - 06/29/09 02:32 PM Re: New Compliance Officer ktac MITCH
RR Sarah Offline
Power Poster
RR Sarah
Joined: Mar 2004
Posts: 2,512
Up North
Something you might also want to do is read the last report of examination to see if there are any pressing issues you need to address.
_________________________
Sometimes you have to burn a few bridges to keep the crazies from following you.

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#1209232 - 06/29/09 02:36 PM Re: New Compliance Officer RR Sarah
Buccs Offline
Power Poster
Joined: May 2009
Posts: 3,567
Ohio
Doubling down on what RR said. Get everything ready that you did to correct anything discussed last exam. They will ask for it.

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#1209598 - 06/29/09 08:50 PM Re: New Compliance Officer Buccs
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,481
Midwest
I agree. I was put in a similar situation. I was promoted to CO after the previous one past away. BOL was a great place to learn. I spent time going through past exams to find out what was big issue in the past and started working on those. I think the upcoming changes to loans will definately be a big one for you. Can you go to any type of compliacne school? If it is possible, it is a great tool and definately worth the money.

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#1210454 - 06/30/09 11:05 PM Re: New Compliance Officer Anonymous
vp0802 Offline
Junior Member
Joined: Dec 2004
Posts: 43
Who is your regulator?

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#1211020 - 07/01/09 09:58 PM Re: New Compliance Officer vp0802
Richard Insley Online
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,204
Toano, VA
Implementations are important & support is never better that the months leading up to a major deadline, but regulators expect rough edges during their first exam after a major implementation. They don't get anywhere near as worked up about implementation errors as they do about repeat violations.

I'm with RR Sarah & would start with items your management promised to do at the close of the previous compliance exam. Hopefully, you won't find too much criticism and maybe these items were fixed by your predecessor. Nevertheless, until you get a clean bill of health on these items they deserve a high risk rating (regardless of the severity of the violations) and frequent monitoring. To a regulator, a repeat violation says "you lied to me" at the close of the previous exam.

Next, I'd list all the product and regulatory changes that have occurred since the previous exam & check their status. Maybe you need to start farther back than the Reg. Z amendments.
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...gone fishing.

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