Bank Compliance Officers Draw on Outside Expertise

Bank Compliance Officers Draw on Outside Expertise

This week, the American Bankers Association released results of its bi-annual survey of Compliance Officers.  Key results show Compliance Officers managing external resources in critical areas, while banks are taking cautious approach to adding compliance risks.

  • Nearly half of banks have outsourced at least one compliance obligation; of these, 76.9 percent outsourced the compliance audit function, 3 percent outsourced fair lending reviews and 22.3 percent outsourced UDAP/UDAAP reviews.(Emphasis added)
  • Overall, “46.3 percent [of Compliance Officers] said their banks had cut offerings for loan accounts, deposit accounts, both, or for other services — up slightly from 2011 and 2013 and up substantially from the 21.9 percent who reported exiting a product line or channel due to regulatory burdens in 2009. Meanwhile, nearly 46 percent of chief compliance officers said their banks had either decided not to launch a product, open a new channel, or hold off on entering a new market or had held off while determining the regulatory effect.”
July 27th, 2015|