Kinda New

Posted By: basilring

Kinda New - 07/18/22 01:37 AM

Hello fellow compliance friends!! I am currently interviewing for a compliance officer position (fingers crossed!). I have been out of the compliance field for about 4 years. I've been doing research on what are current changes and hot-topics, but I would love to gather a list of high priorities from those that are currently doing the job... so if I were to get this position I can really hit the ground running.

This site was so good to me back-in-the-day, so I know I can count on you.

Thanks so much!
Posted By: Monster

Re: Kinda New - 07/18/22 12:21 PM

1071, CRA updates, overdraft focus and UDAAP, discrimination being included as "unfair" for non lending areas, discrimination in appraisals, ESG... those are the first that come to mind to me in the last four years. Good luck!
Posted By: Monster

Re: Kinda New - 07/18/22 12:26 PM

Oh, and QM updates!
Posted By: Richard Insley

Re: Kinda New - 07/19/22 01:21 AM

Always add "previously cited violations" to any hot topic list. If your potential employer was cited by its regulator for any violation of any regulation, then recurring violations of any of these regs will be hot buttons for the regulator. It's not the severity of the actual offenses that matters, but rather the appearance that the regulated institution can't be trusted to follow through on remedial promises made at the close of the most recent exam. Your interviewer may have no idea what's in the company's latest compliance examination report, but you want to assure him/her that it will be one of the first things you will investigate after you are hired.
Posted By: RebekahL CRCM

Re: Kinda New - 07/19/22 02:53 PM

- New Flood Q&As
- Overdraft reform -- OD and NSF fees are dropping like flies (and if they aren't in your shop, be prepared to explain why you are keeping the status quo)
- "Equity and fairness" in everything (DOJ's new "Combatting Redlining Initiative" will involve "aggressive and coordinated enforcement efforts to address redlining" with a coordinated effort among supervisory agencies);
- Racial bias problems in appraisals (a 1/22 FFIEC report showed pervasive evidence of racial discrimination due to human judgement and discretion; a 12/21 FHFA report found "overt references to race, ethnicity, and other prohibited bases" in thousands of appraisal reports)
- Cannabis banking gaining ground: banks have marijuana customers - its just a question of if they admit it and manage it or not
- Cryptocurrency impacts - even if you don't transact in crypto -- at least on the BSA side
- Cypersecurity issues
- OFAC sanctions on Russia
- Fraud, fraud and more fraud. Oh, and a scary amount of fraud.

Welcome (back) to the jungle! laugh
Posted By: basilring

Re: Kinda New - 07/19/22 05:21 PM

Thank you so much for that wonderful (is that the right word?) list. Much appreciated!