Q Got a Compliance Problem? an Interview with ABA's Rich Riese, SVP, Center for Regulatory Compliance

ABA Banking Journal, February 2011 | Go to article overview

Q Got a Compliance Problem? an Interview with ABA's Rich Riese, SVP, Center for Regulatory Compliance


ABABJ: Compliance is a hot button for bankers. What's the biggest complaint or concern you hear these days?

Rich Riese: "How are we going to get it all done? With so many things changing, how can we keep pace and get it all right?" Getting it right is a compliance officer's description. They need to know their responsibilities, understand new forms, be able to explain new terms to the customers.

ABABJ: The Dodd-Frank Tracker (at www.aba.com) has been very well received, so that must help somewhat.

RR: It does. The interesting thing for compliance professionals is that they realize that the Dodd-Frank Act is only part of the story. That's why we've made an effort to meld the Dodd-FrankTracker into our other compliance web resources. If you just do DFA, you'll miss half of the things you have to do. We try to give them an integrated picture of the enterprise-wide risk and challenges ahead.

ABABJ: What are the key resources you offer?

RR: Web pages at aba.com/compliance. They carry developments and support for the issues you reach when you drill down. Links to the compliance calendar and the tracking of new regs and comment letters. Special resources on issues like overdraft protection. These are comprehensive, like in an ABA Toolbox, but you get them early in the compliance timeline. Increasingly over the last year, we've produced ABA staff analyses about new regulatory requirements and posted them on the website.

ABABJ: How many calls does your staff field on the Compliance Connection Hotline (1-800-551-2572) in the course of a month?

RR: Overall, the Hotline and compliance e-mailbox probably average about 500 contacts a month--and growing. …

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