September 12, 2011

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In the current economic climate, banks are rightly focusing on safety and soundness issues.  Banks must ensure, however, that they also effectively manage their compliance function because banking regulators are increasingly focused on this area in response to the numerous regulatory changes that have recently occurred and are likely to occur in the near future.  Even if a bank’s compliance practices have not been criticized in the past, there is no guarantee that they will be approved by regulators at the bank’s next examination.

The firm’s Financial Institutions Group has prepared a Client Action Alert to address this issue of growing concern.  The guidance and action items described in the Alert reflect a few of the concerns of banking regulators that banks recently have experienced and give examples of how banks can mitigate their consumer compliance risks.   Click the link below to read the Alert.