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#2251209 - 03/25/21 12:27 AM Considering moving to on-line, cashless bank
lstark Offline
Gold Star
Joined: Nov 2005
Posts: 440
Hello, if anyone has knowledge of consumer compliance risk with moving all products to totally online banking your thoughts/guidance is appreciated. The bank is in the very early stages of considering this move to online banking and trying to consider all the consumer compliance implications from a regulatory standpoint. Any knowledge and/or good reference periodicals/articles would be appreciated. Thank you very much.

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eBanking / Technology
#2251213 - 03/25/21 11:52 AM Re: Considering moving to on-line, cashless bank lstark
Adam Witmer Offline
Power Poster
Joined: Sep 2010
Posts: 2,658
The first regulatory concern that comes to mind is CRA, though most performance evaluations I have read for online-only banks operate under a CRA strategic plan. I would recommend reading the CRA performance evaluations from at least those online-only banks you can find that have your same regulator, as that will give you an idea of some of the things you should be doing or some of the challenges you might face.
_________________________
Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.
www.compliancecohort.com

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