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#31182 - 09/05/02 05:17 PM Just not enough time...
Miss Kitty Offline
Platinum Poster
Joined: Mar 2002
Posts: 721
California
In reading the many posts covering all area's one could possibly think about, it made me wonder how all you experts stay on top of all the new law's etc., take the time to put mind's like mine at ease in answering what sometimes seem to be repetitive questions, and successfully manage your compliance program. It seems like there is no light at the end of the tunnell. How do you do it? Do you have support staff under you?

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#31183 - 09/05/02 05:44 PM Re: Just not enough time...
Nanwa Offline
Power Poster
Nanwa
Joined: Oct 2001
Posts: 5,564
Clintonville, WI, USA
It's called job security! There is always something that needs review. I got my education as a compliance examiner with the FDIC. They require you to eventually know all the regulations. But you start one at a time.

What I also do is keep a list of all compliance regulations, with the ones needing frequent or current attention at the top, and those that are changed less often lower on the list. Some regulations need constant review, like loan files with RESPA, HMDA and TIL. I only do an annual review/audit of regs like CC, DD, D and E. When I do an annual audit, I reread the reg to keep myself current and refresh my memory. That is, besides all the mailings I get letting me know about what's hot and what's not.
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#31184 - 09/05/02 06:45 PM Re: Just not enough time...
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,546
On the Net
You go to schools, conferences, network and read posts on BOL. (No, no staff.)
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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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#31185 - 09/05/02 06:54 PM Re: Just not enough time...
Sponge Steve Offline
Gold Star
Sponge Steve
Joined: Jun 2002
Posts: 299
Midwest
It's impossible to stay on top of it all. I note where I need to go to find out what I need to know. Once I stumble into it I make a mental note if it's something to retain or toss. If it's a low-risk reg (e.g. Reg E) or an issue that's not relevant to your bank (e.g. OFAC rules and related stuff in a small rural bank), just skip trying to master or retain it. But to get those big bucks we all make ( ), the secret is to have others believing you know everything about everything.
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Sponge Steve, CRCM, CBA Opinions expressed are mine and not my employer's

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#31186 - 09/05/02 07:00 PM Re: Just not enough time...
NancyF Offline
100 Club
NancyF
Joined: Dec 2001
Posts: 173
PA

My compliance motto is that you don't have to know everything, just where to find it. You have to be able to recognize when you may have any issue and have resources to look it up.

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#31187 - 09/05/02 08:10 PM Re: Just not enough time...
Nanwa Offline
Power Poster
Nanwa
Joined: Oct 2001
Posts: 5,564
Clintonville, WI, USA
I don't have a "compliance" staff per se, but my co-workers are familiar with the regs that govern their areas. The loan people are familiar with TIL, RESPA, HMDA etc., the Customer Service Reps with Reg CC, DD, E, USA Patriot and Privacy. Bookkeeping knows privacy, Regs D, E, etc. I try to keep track of all, but it is nice to have a few people who know what you are talking about and ask intelligent questions to keep you fresh.
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#31188 - 09/05/02 08:21 PM Re: Just not enough time...
SJB Offline
Diamond Poster
SJB
Joined: Jun 2002
Posts: 1,210
California
I'm like Nancy with her motto and I have another, "Compliance is everybody's business." I am the resource for research and answers but I don't try to remember all the nuances of each regulation, my little brain couldn't handle that, but I do know where to go to get answers. Fortunately most of the bank's employees are very compliance oriented and that makes life a lot easier.
BOL is a great resource, too!!!!!!!!
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My opinions are not legal advice and are worth what you paid for them.

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#31189 - 09/05/02 10:34 PM Re: Just not enough time...
HRH Dawnie Offline
Power Poster
HRH Dawnie
Joined: Aug 2002
Posts: 7,353
Anchorage Alaska
Oh heck you guys...lets tell the truth! I just fake it and try to look competent while doing so

Actually, I have a staff and I only need to know one little reg...CRA. I have nearly all of it memorized (I wall papered my bedroom with the regulation and read at least a page a night). I worry about those darned comment letters though. If the regulation gets any more revisions I'm going to have to build onto the house!

Learning where to look information up, and having a network of folks to call on is the key!
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Dawn Coursey VP/CRA Queen

CRA Rating is in...Oh who cares...I'm home with the baby.

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#31190 - 09/05/02 10:43 PM Re: Just not enough time...
Anonymous
Unregistered

In a start-up bank environment the compliance function is just one task of many tasks assigned to one person, no staff - but the key is to assure that all staff members are trained once each year on the primary regs and that you stay one half click ahead of the regulators on all regs.

Since it is really way too expensive to stay on top of everything, as we are actually here to make money, when a best effort is reflected the regulators have been a lot more understanding than in the past. All we really want is a CAMELS 2, anyway.

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#31191 - 09/05/02 11:42 PM Re: Just not enough time...
SJB Offline
Diamond Poster
SJB
Joined: Jun 2002
Posts: 1,210
California
Vegan2 - When you refer to staying "one half click" ahead of the regulators, is that in reference to a computer mouse click or a military distance type click?
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#31192 - 09/06/02 04:08 AM Re: Just not enough time...
Ann Offline
Platinum Poster
Joined: Jul 2001
Posts: 556
South Carolina
I started out on a new journey today and am also looking for some resource materials to help me stay on top. Right now, I'm at the bottom - digging and reading everything I can get my hands on...about Trust. It is under my umbrella of regulatory responsibilities and I do not have a Trust backgound.

I subscribe to the ABA Trust Letter, attended a recent seminar on the new Principal and Income Act, and will be attending the BAI Trust Regulatory Compliance Workshop on 9/16 and 9/17 in Chicago (is anyone from BOL attending?). I was advised to go to the ABA website and check out the Trust Forum. What I found there was a link to "Trust Talk" that had two questions. Was this the forum? Did I go to the wrong place?? I was expecting to see threads like we have here on BOL. If there is such a forum, I fear that I will become addicted to it as well and never get my life back.

I love BOL, but do not see a lot of trust questions posted. Are there other trust professionals out there who think it would be helpful to have a Trust Forum category on BOL? Where do you go for the latest developments in the host of regulations that govern trust?

As always, thanks for your help!

My opinions are my own and not those of my employer.

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#31193 - 09/06/02 12:45 PM Re: Just not enough time...
Anonymous
Unregistered

Ann, you will want to check out FIRMA -- the Fiduciary and Risk Management Association (formerly known as NATACP, National Association of Trust Audit & Compliance Professionals). They have an active discussion forum and offer regional and national training events. Their Web site is www.thefirma.org

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#31194 - 09/06/02 02:19 PM Re: Just not enough time...
downstown Offline
Gold Star
Joined: Aug 2001
Posts: 295
St. Louis, MO
You had the right forum. The ABA's Trust Forum never did catch on. The best trust forum I've seen is the FIRMA forum recommended by Mary Beth. It is not nearly as active as this forum, but it is useful. I also went to Cannon Financial's Trust Audit and Compliance Schools and found it to be very good.

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#31195 - 09/06/02 02:24 PM Re: Just not enough time...
Ann Offline
Platinum Poster
Joined: Jul 2001
Posts: 556
South Carolina
Thanks, MB - that is how I will spend my Friday night, for real. A glass of wine and a trust forum - sounds good to me.

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#31196 - 09/06/02 03:40 PM Re: Just not enough time...
Tina A Sweet Offline
Diamond Poster
Tina A Sweet
Joined: Aug 2001
Posts: 1,033
Marysville, Ca.
I agree with NancyF. You do not have to keep it all in your head, just know where to find it when you need it. Also BOL discussions are great in learning or providing knowledge.
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AVP Special Assets
mailto:tsweet@goldcountrynb.com

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#31197 - 09/10/02 11:04 PM Re: Just not enough time...
Anonymous
Unregistered

Military distance type click!

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#31198 - 09/10/02 11:25 PM Re: Just not enough time...
SJB Offline
Diamond Poster
SJB
Joined: Jun 2002
Posts: 1,210
California
Ann -

With reference to trusts, part of the problem is that they fall under state law and not federal regulations. The states vary on how different aspects of trusts are treated. As bank counsel in California I run into this all the time since everyone (and his/her cat and dog)has a trust. To complicate things more, many of them do not know how the trust works, how vestings should be, why they can't give a power of attorney unless the trust says so, etc. etc. etc.

You could check with a local attorney or the legal publishing companies and see if there is a good trust reference book for your state.

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My opinions are not legal advice and are worth what you paid for them.

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