For Compliance Sake
Andrews, William, Independent Banker
It wasn't long ago that compliance was considered a small part of an FDIC exam. But that was before FIRREA, FDICIA and a host of other banking regulations. Now the FDIC has a whole battery of examiners Just to look at compliance issues. A simple exam process that once took at most a few days can now take weeks.
"Community banks weren't doing it [compliance audits] themselves, so the regulators stepped in and said we'll do it for you," says Mary Ann Boda, compliance officer for the $150 million-asset Baraboo National Bank, Baraboo, Wisconsin. "We thought we could do it [compliance] when we had time, but no one ever seemed to be able to fit it in."
Community groups have also …
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Publication information: Article title: For Compliance Sake. Contributors: Andrews, William - Author. Magazine title: Independent Banker. Volume: 45. Issue: 1 Publication date: January 1995. Page number: 14+. © 2002 Independent Banker. Provided by ProQuest LLC. All Rights Reserved.
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