Legal background. No banking and no compliance. Thinking that it is better to spend sometime learning about the different banking units/products, services....then read the underlying regs OR better to read the regs and then spend time with the business units. For example, spend time in mortgage originations or read DF first then spend time. Recommendations welcome!

Trees, you have been on this site for a long time. What and why are you asking this question? For someone else? It will all depend on the person and how they learn and what their role is suppose to be in the organization.

Trees, see if you can get a copy of the Principles of Banking book from the ABA. It's easy to read, and for a banking newbie can give a pretty high level overview of the bank, interdependencies of departments and operation.

I would start out in the departments, seeing what is done. Then when you read the regs, you can understand a bit better what is right and what needs tweaking. The regs and the implementation may make a bit more sense if you go in to the departments as an observer than if you were looking for mistakes and missing procedures. My opinion only...........

AIB Principles of Banking class is excellent for anyone new to banking. As is Law and Banking Parts I and II. A new hire to compliance could take the POB class while studying the regs at the same time...

RL: Yes, sometimes it feels like too long on the site, darn it.
Legal counsel who will have compliance responsibilities, for us.
Its been a long time since I've dealt with a green person in our area, let alone one that is skilled in a field but not as it pertains to compliance. Not your typical kid out of college. Usually we have people who have been in banking for a while. I like Rocky P's comments.

Thanks to you both.

I'm at least technically a lawyer who started in compliance a few years ago after being laid off from my first job out of law school. I had a few years of experience before law school working for a mortgage broker (a responsible one), which was helpful even though they're different worlds.

Personally, I think that lawyer or not, to be effective in compliance you have to actually know the business, be humble, and read a lot, ask a lot of questions, and try to build your knowledge a little bit every day. Growth has to be organic and can't be AstroTurfed. In this, my second compliance job, one thing my boss did that was helpful was to set up meetings with the heads of the various departments. Going to multiday conferences is valuable once you have some context. Free webinars like those hosted by FRB and NFIP, etc., are good. Getting to listen in on meetings even when you don't have anything to add is helpful.

For reading, I've found a few free books from FRB of KC to be helpful, Banking Regulation: Its Purposes, Implementation... and Basics for Bank Directors. I'm focused on lending, so the Mortgage Professor (website/books) has been useful. Also some of the recent books that explain the current regulatory climate, like Reckless Endangerment, the Lost Bank, the Monster, All the Devils Are Here, Fool's Gold, etc. Also, blogs like those by Trinovus, Policy Works, NAFCU, Jack's Compliance Resource, Lucy and Nancy's Common Sense Compliance, BankThink, Banker's Compliance Consulting, etc. Of course sifting through BankersOnline every day like a whale swimming through a swarm of krill.

It's really doing the everyday things that helps most; pre- and post-closing checklists, etc.

Of course sifting through ... every day like a whale swimming through a swarm of krill.

Oh, Ishmael! What a wonderful mental image of what we compliance folks do daily. This made me finally smile today. Thank you.

Also, thanks for listing out all these resources. There are a couple here that I wasn't using...yet.

I'd suggest starting out in the departments learning what their function is and the products they offer. Ultimately, in order to do compliance you need to know the departments and the products services they offer.

After being in the departments and once you start diving in and reading I think you will have a better understanding on how that particular reg applies to your institution. For example, if your institution does not offer ARM products, you know you don't have to spend a great amount on time on that section.

Start with the sales and service units that sell and deliver your products. Be courteous as you ask busy people to take the time to explain their business. While you are learning how they make money, remember that your paycheck comes out of those earnings. As their regulatory support specialist, your goal should always be to help them find the least intrusive and most cost-effective way to comply with the law and still make a profit. There's nothing you can do to make them like regulations...but you can earn their trust.

I am sure it is out of your control, Trees but what was your organization thinking by putting someone with NO regulatory experience in this position at this point in time?

So, you are the low man on the totem pole trying to figure out how to get the newly hired attorney up to speed on regulatory compliance in banking yet you are on here always asking questions yourself. No disrespect to you but it sure sounds like someone has the decision making at your organization, backwards. Or, that they did a favor for someone by hiring them for this position.

Sounds like you and your bank have your work cut out for you. Good luck.