Magazine article The RMA Journal

A New Leader, a New Century of RMA

Magazine article The RMA Journal

A New Leader, a New Century of RMA

Article excerpt

This month we extend a hearty welcome to our new RMA chair, Nancy Foster. A longtime RMA member and supporter, Nancy is executive vice president and chief risk officer at Park Sterling Bank in Charlotte, North Carolina. In addition to her role at Park Sterling, Nancy held a variety of posts at LaSalle Bank in Chicago--which was sold to Bank of America in 2007--and was also chief risk officer at CIT Group in New York. Through this diverse experience, Nancy told me in my interview with her for this issue, she knows firsthand of how RMA benefits financial institutions regardless of their size. Whether she was at a large or small bank, she said, she "never noticed any difference in the delivery, availability, or appropriateness of [RMA] products."

During our chat we also talked about the heightened expectations regulators have for the risk function. At press time, the OCC had not yet issued its final guidance on the matter, but it was expected by late August or early September. At RMA's recent Governance, Compliance, and Operational Risk Conference (GCOR) in Cambridge, Massachusetts, Comptroller Thomas J. Curry spoke generally of what we can expect, and praised RMA for its "thoughtful" comment letter on the issue.

"Many, if not all, of the specific requirements of our heightened expectations ask no more of our large, complex banks than they are--or should be--doing already," Comptroller Curry said, while adding that in almost all cases community banks will not be subject to the new guidelines. Still, as Nancy pointed out, "Over time, we've seen most regulatory expectations for the large banks trickle down to the smaller institutions" as best practices. …

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