Pub. 2 2012-2013 Issue 3

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S November • December 2012 17 “Financial institutions have two options to prepare for the onset of Dodd-Frank-related rules: identify internal personnel who have the experience, skills and time to plan and manage these compliance mandates, or outsource them.” Compliance Alliance Delivers Regulatory Aid in Aftermath of Dodd-Frank Regulatory burdens sprout innovative compliance program F ollowing the passage of the Dodd-Frank Act, business practices vastly changed for banks across America. The demands of human and financial resources needed to tackle the Act are overwhelming for many. In its creation, Dodd-Frank consisted of more than 2,300 pages and is expected to generate over 5,000 pages of new regulations. Com- munity banks must comply with 1,700 pages of consumer regulations governing how banks conduct their business, what products they can offer andwhat they can charge for their services. As a result of the drastic and alarming changes, we gathered to discuss how the banks would deal with the storm of regula- tions proposed by the bill. The primary ques- tion posed at the meeting was simple. What kind of resources could the state bankers associations provide to make the job of the compliance officers easier? The answer was anything but simple. The consensus of the bankers was that they had no idea how they would keep up with the additional regulations coming as a result of Dodd-Frank. So, what could be done in the midst of all of the unavoidable chaos? That answer was simple: Compliance Alliance, Inc. — a compliance resource jointly owned by the Colorado Bankers Association and many other State Banking Associations. FEATURE ARTICLE  Compliance Alliance  continued on page 18