ABA Bank Compliance - November/December 2007 - (Page 1) Compliance B Y E D WA R D B . K R A M E R Bank ABA NOV | DEC 2007 Strategies FEDERAL AND STATE REGULATORY AGENCIES will continue to exert significant pressure on financial institutions in 2008, contributing to the already challenging to Meet Top Regulatory Challenges IN LIGHT OF THE GROWING NUMBER AND INCREASING COMPLEXITY OF REGULATORY REQUIREMENTS, financial institutions will continue to seek new ways to implement compliance programs that allow them to address current regulations and prepare for potential ones even more effectively. They realize such a proactive approach will not only help them mitigate regulatory risk and increase operational efficiency, but also help them maintain and possibly strengthen their brands, their reputations with customers and with the communities they serve, and their relationships with regulators. Financial institutions will face several critical compliance and operational risk management issues in 2008, including concerns tied to fair lending and anti-predatory lending requirements, the Bank Secrecy Act and anti-money laundering (BSA/AML), the Community Reinvestment Act (CRA), and lending through indirect channels. The good news is that there are several ways of leveraging compliance operations to effectively address each concern, making the compliance effort part of a financial institution’s business workflow. Viewing compliance in this way allows an institution to manage regulatory risk more effectively, saving time and money, and helping to deliver new products and services to market more quickly while protecting the institution’s brand.
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