Pub. 2 2012-2013 Issue 3

18 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 The feedback from that meeting provided the frame- work to establish Compliance Alliance, Inc. The utmost goal was to provide quality compliance services to free up the bank personnel and let them focus on their already demanding, day-to-day tasks. The corporation aimed to do the job of a compliance officer, but at a price a com- munity bank could afford, given the tough economic and legislative environment. “There are thousands of audit firms out there, but bank- ers need a trusted resource to call with questions and to receive the tools they need to deal with the regulations as they are introduced,” said Don Childears, CBA President and CEO. “Bankers don’t have a lot of time to spend on reading and researching more regulations. Compliance Alliance keeps track of upcoming and finalized regulations on its Compliance Calendar.” How is Compliance Alliance different from others? Compliance Alliance is unique in that it goes beyond what other compliance companies offer. The corporation answers hotline calls, but additionally, takes recently introduced regulations and summarizes them in easy-to-understand terms and provides banks the tools to effectively implement and utilize them. 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. In order to survive the regulatory onslaught, increased operational complexity, risk and regulatory requirements under Dodd-Frank, many community banks are choosing to use the expertise of third parties to navigate the tricky compliance environment. How can a bank know whom to trust? That is where Compliance Alliance comes in. Compli- ance Alliance is the only compliance resource that is owned, managed and directed by state Bankers Associations. Not only does the corporation support bank compliance officers, but it does it at a fraction of the cost of adding one or more new employees. What Compliance Officers are saying “As the compliance officer for a small community bank, I wear many other hats besides compliance – [and] with the increasing compliance workload, it’s necessary to have com- pliance support that I can count on. Compliance Alliance has already helped us review new products and marketing. The daily e-mail updates with alerts, forms and matrices are one of the first items I check each morning. Compliance Alliance is truly a great value for our bank!” “Compliance Alliance is saving us half of an FTE right out of the gate and we feel this will evolve into a savings of 1 full FTE by the time the CFPB is fully up and running. Being a member has greatly exceeded our expectations.” “It is difficult to staff community bank compliance departments sufficiently to write policies/procedures and perform necessary monitoring on all of the new regulations, let alone the new interpretations of the old regulations. Com- pliance Alliance does an excellent job at keeping its member  COMPLIANCE ALLIANCE – continued Compliance Alliance Compliance Alliance is ideal for bankers who want easy-to-find, up-to-date compliance information. Here are some of the components of its services • Cliff Notes on New Regulations (executive summaries) • Policy Templates • Procedures • Action Plans • Lending Matrices • Compliance Hotline • Cheat Sheets • Checklists • Compliance Calendar • Risk Assessment Tools • Tracking Tools • Review of Advertising and Marketing • And much more! Compliance Alliance will keep you well informed of regulatory changes and requirements and provide easy to understand analysis of new and amended rules and regulations.