New regulation puts additional burdens on compliance staff
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. Click here to read some of the highlights the Financial Institutions Group of Barack Ferrazzano Kirschbaum & Nagelberg LLP put together.