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#250882 - 09/30/04 02:17 PM Compliance Training for Board Members?
Comply Offline
Gold Star
Joined: Oct 2003
Posts: 291
With the new compliance exams top down communications approach. Does anyone have a good guide for what compliance reg areas should be taught to the board? ie; how much is too much, etc? How often? Would appreciate any guidance.

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#250883 - 09/30/04 02:29 PM Re: Compliance Training for Board Members?
DeeQ Offline
10K Club
DeeQ
Joined: Dec 2002
Posts: 40,763
Turnpike Exit 10
Annually, I do Reg O and hot topics. Hot topics are generally 1. The examiners' hot topics (like BSA/AML) and 2. New regs and their impact on our bank.

For example, in March, I did Reg O, AML & Check 21.
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Get your facts first, then you can distort them as you please. - Mark Twain

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#250884 - 09/30/04 02:32 PM Re: Compliance Training for Board Members?
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,485
On the Net
This is somewhat risk-based but I'd always include CRA in there as well.

You are looking for the 50,000 foot level review in most cases with more specifics on the requirements of hot topics and areas you had been weak on in the past. What are the requirements and what are you doing?
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AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#250885 - 09/30/04 02:38 PM Re: Compliance Training for Board Members?
HR Banker Offline
Diamond Poster
Joined: Oct 2002
Posts: 1,027
During our last compliance exam the examiner suggested I attend a board meeting to discuss regulations that would be referrenced in various audits so that they would have an idea of what was being reported. I briefly summarized Regs. B, C, D, E, P, Z, CC, DD, BSA & Flood.

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#250886 - 09/30/04 04:11 PM Re: Compliance Training for Board Members?
EdOils Offline
Platinum Poster
EdOils
Joined: Jan 2004
Posts: 553
Louisiana
In my audit reports, I try to give a brief breakdown of the reg that I've just audited. Some are very brief, maybe 2 sentences. Others, such as BSA, may be a couple of paragraphs. I find that this helps when discussing the report, as the Board has some understanding to why I am looking at something. I find that they are asking better questions now. It also helps to document the training, since it is part of the Board package and is filed with the minutes. Our FDIC examiner liked it and that's all that matters. (not really, but it sure helps!)
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You gain education by reading the fine print. You gain experience by not.

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#250887 - 09/30/04 04:50 PM Re: Compliance Training for Board Members?
berico Offline
Gold Star
Joined: Jun 2004
Posts: 290
California
I have been given 10-15 minutes at every month's board meeting to conduct compliance training for the directors. I have a yearly schedule developed, and cover at least an overview of all the regulations. Obviously, I spend more time on some (Reg O, CRA, etc.)than others. The board members, especially the audit committee chairman, is very high on the program. When the FDIC was in recently, we received high marks under training. A handout on the proposed topic is sent out with their board package a week before the meeting. The handouts are arranged so they can be retained in a binder by each of the directors.

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