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Compliance Alliance: Innovative program for community banks

Following the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, business practices have vastly changed for banks across America. The demands of human and financial resources needed to tackle the Act are overwhelming for many, and particularly for smaller community banks.

As a result of the drastic and alarming changes, a group of bankers gathered to discuss how banks would deal with the onslaught of regulations proposed by the bill. One of the questions posed at the meeting was what kind of resources could state bankers associations band together and develop to make the job of the compliance officers easier?

(click here for Compliance Alliance brochure)

The consensus of those bankers – and particularly those from smaller banks – was to create a compliance resource jointly owned by the Oklahoma Bankers Association and several other State Banking Associations. That resource is the Compliance Alliance.

“There are thousands of audit firms out there, but bankers need a trusted resource to call with questions and to receive the tools they need to deal with the regulations as they are introduced,” Roger Beverage, president & CEO of the Oklahoma Bankers Association said. “Bankers don't have a lot of time to spend on reading and researching more regulations. Compliance Alliance keeps track of upcoming and finalized regulations on its Compliance Calendar.”

How is Compliance Alliance different from others

Compliance Alliance is unique in that it goes beyond what most other compliance companies' offer. The corporation answers hotline calls, but additionally, takes recently introduced regulations and summarizes them in easy to understand terms and provides banks the tools to effectively implement and utilize them.

Financial institutions have two options to prepare for the onset of Dodd-Frank-related rules: identify internal personnel who have the experience, skills and time to plan and manage these compliance mandates, or outsource at least a part of that function.

In order to survive the regulatory onslaught, increased operational complexity, risk and regulatory requirements under Dodd-Frank, many community banks are choosing to use the expertise of third parties to navigate the tricky compliance environment. Compliance Alliance is the only compliance resource that is owned, managed and directed by state Bankers Associations. Not only does the corporation support bank compliance officers, but it does it at a fraction of the cost of adding one or more new employees.

What Compliance Officers are saying

“As the compliance officer for a small community bank, I wear many other hats besides compliance – [and] with the increasing compliance workload, it's necessary to have compliance support that I can count on. Compliance Alliance has already helped us review new products and marketing. The daily e-mail updates with alerts, forms and matrices are one of the first items I check each morning. Compliance Alliance is truly a great value for our bank!”

“Compliance Alliance is saving us half of an FTE right out of the gate and we feel this will evolve into a savings of 1 full FTE by the time the CFPB is fully up and running. Being a member has greatly exceeded our expectations.”

“It is difficult to staff community bank compliance departments sufficiently to write policies/procedures and perform necessary monitoring on all of the new regulations, let alone the new interpretations of the old regulations. Compliance Alliance does an excellent job at keeping its member banks informed of the hot topics and areas of regulatory focus. Our bank feels the commitment we have made to Compliance Alliance has been a worthwhile investment.”

Compliance Alliance staff brings experience and understanding

Compliance Alliance's regulatory compliance team, consisting of eight veteran employees with more than 80 years of combined banking, regulatory and compliance experience, is well qualified to assist banks in addressing the challenges of the rapidly changing regulatory environment.

The solution

Compliance Alliance will keep you well-informed of regulatory changes and requirements and, at the same time, provide your bank with easy to understand analyses of new and amended rules and regulations. Any one of your staff may call, email or have a live chat with one of Compliance Alliance's attorneys or compliance specialists and have their questions answered. Compliance Alliance ensures you will get the answers you need when you need them.

Compliance Alliance is ideal for bankers who want easy-to-find, up-to-date compliance information. Here are some of the components of its services:

  • "Cliff's Notes" on New Regulations (executive summaries)
  • Policy Templates
  • Procedures
  • Action Plans
  • Lending Matrices
  • Compliance Hotline
  • Cheat Sheets
  • Checklists
  • Compliance Calendar
  • Risk Assessment Tools
  • Tracking Tools
  • Review of Advertising and Marketing
  • And much more

Call  (888) 353-3933 or email info@compliancealliance.com for more information, or please feel free to email OBA President and CEO Roger Beverage with your questions.

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