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- W267184603 abstract "Our veteran compliance guide looks back and gleans ten lessons for surviving the 1990s--and beyond This is the fiftieth column I written for ABA Banking Journal. The first was in November 1988, in an issue whose cover promised articles on finding a solution on deposit insurance and better ways to use ATMs. Those topics seem familiar, even today, somehow. As Yogi Berra said, it's like deja vu all over again. Yet the notion that not much has changed in these years is an illusion. Every other month for 100 months, I have called Steve Cocheo, the magazine's talented executive editor, or he has called me, and we have brainstormed about what is happening in the compliance field that would interest our readers. Over the span of these years, Steve became a father, I moved from California to the east and saw my little children grow into school kids, and compliance changed--completely and profoundly and irrevocably. This is a special column distilling ten lessons from the experience gained over the eight-year span of the 49 columns that came before. Lesson 1: Take it seriously Eight years ago, compliance was a low-level, low-risk, relatively low-cost function that had a priority at most banks. Many bankers would quarrel with the low cost label, as certainly there were costs, and these often seemed higher than was warranted by the benefits they produced for the consumer. But at that time, most small banks got the job done with a part-time compliance officer who attended a few conferences and bought a few manuals, while most large banks had very small staffs and most still had the same person handling compliance and the Community Reinvestment Act. In the intervening years compliance has become a high-cost function absorbing far more than one person's time even in very small banks, and involving hundreds of people at some of the large ones. What happened? Mainly, the risks of non-compliance skyrocketed. Lesson 2: Compliance = risk management These risks have transformed compliance from a routine operational function to a high-stakes risk-management challenge. The risks have exploded in both number and kind: * Examination risk: Examiners have gotten tougher, especially on CRA and fair-lending compliance. This is due in part to the widening of the scope of fair lending to include more than lenders' approval/denial decisions. Regulators are also focusing on the terms of credit offered to approved borrowers--particularly pricing, as is evident by the recent Justice Department enforcement actions. And while racial discrimination still dominates the fair-lending scene, gender, marital-status, and age issues are also attracting more examiner scrutiny. * Other enforcement risk: More federal agencies have become active in the enforcement process, including the Justice Department and the Department of Housing and Urban Development on fair-lending issues and the Federal Trade Commission. The Justice suit against Long Beach Mortgage Corp., settled this summer for $4 million (Briefing, October, p.7), was the eleventh suit Justice has filed for lending discrimination. All have been settled except one filed in April against First National Bank of Gordon, Neb., for alleged discrimination against Native American borrowers. More recently, J.C. Penney paid $225,000 to settle charges by the Federal Trade Commission that it violated the Equal Credit Opportunity Act and Regulation B by failing to provide proper adverse action notices when it denied credit applications and requests for increases in lines of credit. * Litigation risk: Banks have been swept up in the litigation explosion that has engulfed the country. More people are suing over more issues, with more judges and juries sympathizing with the consumer. The suits come from the private plaintiffs bar, and also increasingly from state attorneys general, as well as the Justice Department and FTC. …" @default.
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- W267184603 date "1996-11-01" @default.
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- W267184603 title "A Golden Opportunity to Ponder Where Compliance Is Going" @default.
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