I have been told that training is not in the budget for this year and yet I have been instructed to learn the Regs. I have not been able to find anything that will allow me to do a self-test after reading the Reg so that I am sure I understand it. I didn't see another post like this so I am appealing for help. If I have to buy a book, I'm okay with that.

Does anyone have ideas or things they have used?

What is your position?
How in depth do you need to 'learn the Regs'?

I am a business line compliance specialist - dealing mostly with consumer lending. I need to know all the lending and credit related regs (obviously) and I need to be able to answer questions from the business line about things without spending a long time with research. (They tend to lose confidence if you reply "I need to research that and get back to you.")

What is your experience?

I am relatively new. I have been doing this for about 6 months, but so far I have been flying by the seat of my pants.

They won't allow you ANY training? Not even webinars or telephone seminars? Compliance has so many nuances and such that this is going to be a difficult task.

They will only do webinars if they are available to a group of people. I was told, "If it costs money, you can't do it because training that benefits only one person is not cost effective."

And you are absolutely correct - there are so many nuances. Which is why I want to test myself and make sure I am "getting" it.

I'm having a tough time with this one. From what you've stated, you work for a bank big enough to have business line compliance folks (meaning that there are other compliance people in other business lines); you're expected to answer questions and give direction related to compliance issues, and yet you're not being allowed any formal training?!?!?!

If I was in your position, I'd do two things:

1. Update my resume and look for a job where I wasn't being set up to fail from the beginning, and

2. Start reading and learning any way I could with or without their help!

To accomplish #2, it's a process, I think. Learning all there is to know about a reg isn't something you can do just by reading the actual regulation and commentary. I've been in this business for more years than I care to admit - and I still learn new things about Reg Z, for example, all the time.

Don't be afraid to tell people you have to research before giving them an answer. Researching for a right answer gains you much more respect than giving a wrong answer "off the top of your head" then having to go back and correct what you told them when you've researched it.

Use BOL extensively. I've never found any resource that comes anywhere close to providing such solid, practical information for just about every compliance topic. If you can't find a guru article, or a tool - search the threads. If you still can't find an answer - ask!

Good luck! I admire your desire to learn and do your job well.

I ditto Lestie's response.

Going back to the webinars...

Most of them that you buy (check here on BOL for a good selection) can be shared by anyone with a place to play a CD Rom.
Select a couple that you think will be the most beneficial, and share them with those that will get something out of them.

Is that cost effective enough for 'them'?

(I'm relatively new, too, and I'd be lost if I didn't get ANY training support at all...)

Thank you for the kind words Leslie. I have actually been considering Option 1, but I'd hate to feel like a quitter.

I will definitely continue to learn on my own. I have found that reading the Regs, while boring, is informative at the same time.

I'll take all the luck I can get, and I'm sure we'll be speaking again when I post more questions!!

Thank you again.

I'm sorry I mis-typed your name Lestie! And after all of your good advice too.

Thank you to all who responded.

I'm used to the misspellings. Most people just think I misspelled it and they're correcting me!! Thanks for even noticing!

I don't think you would be a quitter if you changed jobs. Choosing not to work at a job where you're not provided with at least an opportunity to get the tools and skills you need to succeed is smart - not being a quitter!

Back in 2001 when I first started learning compliance and BOL was younger, I used to read every thread every day. At first they didn't make a lot of sense, but after a while I started to realize I knew lots of the answers before I read them. It's not the best way to learn, because it tends to be a little spotty, but it will help you get the basics and learn where to find the answers to what you don't know. The more you know about the regs the easier they are to understand when you sit down to read them. I was out of compliance for a few years, but this fall when I came back, I started reading lots of them of again (can't do it all anymore) and it's really helping me get back up to speed.

I agree with Bville, when I started here, I had absolutely no lending compliance under my belt, I have read and read and read and read. BOL was a great help, you will find that the gurus are always on target along with a lot of the more experienced posters. I read through every one of the regulations and used the workpapers from my regulator. From that, I created my own reviews and while I was reviewing, I was learning as well. My bank was kind enough to send me for training, but this will help you get a foothold.
Best of luck, we are pulling for ya.

I have to give kudos to this website, too. From the home page there are many ways to access good info. One way is to go to the Infovault, pick a topic, and read read read. Lots of pertinent info without trudging through the superfluous muck in the actual reg.

If they called the bank's attorney with the same question, unless it was a very, very basic question, the attorney would say "I need to research that and get back to you."

Laws change all the time and so do Regulatory Authority Guidelines.

These are all great ideas!! Thank you. I will definitely be checking in more to the threads. I haven't been to Infovault, but that will be a next step too.

And you are right, LoisLane!!! Legal would say it, so I will too!!!

Thanks!

I have been been in my auditing role since June and still read every post everyday!

I spent over 13 years in branchland before this, so so much of this is so new to me too....its a great boost when you answer in your head, and you see a senior poster or guru give the same answer you had considered.

Awesome site with so much to offer....so much more info on here that I could be utilizing on a daily basis.

I'm quite new at this too, and when I first started I knew nothing outside of loan processing. BOL is probably the best tool you can have, but other than here, you can sign up for newsletters, any that you can find that are bank related. This way when the news letters tell you something new is coming, you can hop on BOL, check out the reg in alphabet soup, and start reading everything you can find. If you get the same thing from all your sources, then you probably "got it". If your not sure, ask and someone here will either point you in the right direction or give you a link. Also, check with your software company, they usually have pretty good prices on training material. Good luck!!