ABA Banking Journal - January 2013 - (Page 35)

compliance clinic SPECIAL OUTLOOK REPORT The Bureau and the burdens ABA’s compliance experts look at the challenges ahead from CFPB photo: gualtiero boffi/shutterstock.com BY STEVE COCHEO, EXECUTIVE EDITOR & DIGITAL CONTENT MANAGER F or many bankers, and especially those whose banks are not directly examined by it, the Consumer Financial Protection Bureau has been a somewhat monolithic, symbolic organization—embodying all that they dislike about the Dodd-Frank Act, yet still something of an abstraction because it is so new. For Richard Riese, senior vice-president, and his staff at the ABA Center for Regulatory Compliance, CFPB is no abstraction. These compliance experts regularly work, in meticulous detail, with staffers at the fledgling regulator, especially as the regulators draft and revise the many regulations the bureau has taken over, or is creating from scratch. The center, which comes under Wayne Abernathy, executive vice-president, financial institutions policy and regulatory affairs, is among several ABA groups that work with CFPB. ABA BJ recently interviewed center experts in a special roundtable. Riese, Abernathy, and the others have seen evolution at CFPB, as staff settles into the job, early arrivals depart, and all hands grow more knowledgeable, one way or another, about the companies they regulate. “The relationship with the industry has improved,” says Nessa Feddis, vice-president and senior counsel. “The attitude there has improved. The bureau has lots of good peojanuary 2013  |  ABA BANKING JOURNAL  |  35

Table of Contents for the Digital Edition of ABA Banking Journal - January 2013

ABA Banking Journal - January 2013
Contents
Chairman’s View
Editor’s Column
The Economy
Bank Notes
Picture This
ABA COMMUNITY BANKING Time to prune that branch?
Pass the Aspirin
Tech Topics
COVER STORY: The road ahead How banking may fare in Washington
Insurance: How well are you covered?
Compliance Special Report
Compliance Inbox
ABA At Your Service
Convention Preview
First Person

ABA Banking Journal - January 2013

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