Academic journal article ABA Banking Journal

Handling Major Headaches: Jane's Day on the 'Net

Academic journal article ABA Banking Journal

Handling Major Headaches: Jane's Day on the 'Net

Article excerpt

Some CEOs may scoff at the Internet, but it can help compliance officers work smarter and cheaper. Consider the following "day in the life":

Jane, the compliance officer, starts her day by logging onto the Internet and reviewing that day's Federal Register (www.gpo.ucop.edu/search/fedfld.html). The online version can be searched by keyword, so it is easier to work with than the paper copy she used to receive. That ran between 200 and 600 pages most days and cost $600 per year. The online version is free, takes up no physical space, and more than pays for Jane's connection time on the Internet.

Jane spots a change to Regulation E which could affect a new product that her bank is developing. The change isn't effective for six months, but now the product will be designed proactively. She downloads the new rule and sends copies to the new product committee.

On to the E-mail file. The first one is from John, a compliance officer across the state. John's bank just had a Year 2000 check from his regulator. He tells Jane that he wished he had visited the Fed's Year 2000 site (www.bog.frb.fed.us/y2k/) before the examiners arrived. The next message is from Jane's regulator--they will be stopping by tomorrow for a Year 2000 review. Jane quickly heads for the web site for a quick review,

Jane still has a few unanswered questions about Y2K. She goes to the ABA's web site (www.aba.com), where she does a site search on "Year 2000." Then it's off to the site's compliance forum to post a question. She also posts the same question on the MoneyPage forum (www. …

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