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 A Holistic Approach to Compliance in 2013
A Way to Get a Better Handle on Compliance this Year
By Lori Moore, CRCM, Director of Compliance
Every January, New Year’s resolutions are broken almost as quickly as they are made. In the corporate world, resolutions, aka goals, get broken as frequently as personal ones. This is typically because the resolutions were unrealistic or unattainable at the outset. This year, resolve to set a corporate goal that is actually attainable and will benefit your organization for years to come, not just in 2013. The pace of regulatory change is not going to slow down, instead it will most likely quicken. Many organizations already struggle to meet existing regulations and the thought of additional or changing requirements is overwhelming. That is because a silo-based approach or one dimensional view is typically in use and it is simply not adequate anymore. For the benefit of your organization, in 2013 resolve to view your compliance management through a different lens, a multi-dimensional one that yields a holistic compliance approach. This is the only way to manage today’s ever changing compliance responsibilities and we’ve got the skinny on how to get started on it right away for a healthier 2013 and beyond.
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 Question: In regards to Regulation E, can we require a signed affidavit before providing credit for unauthorized transactions? What happens if the customer refuses? The regulation just states written notice.
Answer: Regulation E is basically silent as to the form of written notice that may be required from the consumer. However, it does state that the institution may request a written, signed statement from the customer relating to the notice of error; I do not believe requiring something as specific as a signed “Written Statement of Unauthorized Debit” or WSUD is permissible as it would be more restrictive than the law. Although your institution may request a WSUD, the consumer will have complied with his or obligations if they provide a signed written confirmation of the error within the 10 day period in any form.
Got a question on a tricky regulation? We want to hear from you. Submit your question and an expert will answer it in a future issue.
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 More AML Penalties to Come?
Expert: Banks Should Brace for More Scrutiny in 2013
By Tracy Kitten
The penalties paid out by HSBC and Standard Chartered Bank for violations to money-laundering regulations should serve as a wake-up call, says Kevin Sullivan. In fact, banking institutions should brace for more fines. READ MORE.... |
 OCC Highlights Risks Facing National Banks and Federal Savings Associations
Semiannual Risk Perspective
Office of the Comptroller of the Currency
Key issues facing national banks and federal savings associations continue to involve the potential for banks to take excessive risk in an effort to improve profitability, revenue challenges from a slow economy and financial market volatility, and lingering effects of real estate lending.
The Office of the Comptroller of the Currency’s Semiannual Risk Perspective for fall 2012 provided additional details on these risks facing the banking industry. READ MORE...
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Delegating?
You're Still In It Together
By Steve Roesler
One of the joys experienced by a new manager is having an array of peopleto call on to "get it done."
One of the challenges experienced by a new manager is having an array of people to call on to "get it done."
I can't think of a role that's more challenging than managing, at any level. One of the traps, though, is a mistaken sense of what delegation is all about. READ MORE... |
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