17 Hoosier Banker September 2014 strong interest in viewing the aggregated survey results. RFI has already achieved success in helping to improve the quality of banks’ examinations. Based on two years of survey data, the initiative found that the proportion of survey respondents who were “very satisfied” with their safety and soundness and compliance exams by the Office of the Comptroller of the Currency rose from 17 percent in 2012 to 22 percent in 2013. Even more noteworthy is a victory achieved in early 2012, when significant discrepancies in the way fair lending regulations were being enforced nationwide were uncovered, due to RFI. Based on data received from over 1,000 surveys completed in 2011, national fair lending criticism rates varied among the four federal regulatory agencies by up to 40 percent. It was discovered that a regional office of one regulator had a fair lending criticism rate above 70 percent, while another regulator’s nationwide criticism rate was at 20 percent. After this information was shared with the regulator’s director, the criticism rate in the regional office decreased dramatically, to under 30 percent. Identifying inconsistencies in how banking regulations are being enforced has never been more important, given the avalanche of new requirements resulting from the Dodd-Frank Act. As many of the rules have became effective, both regulators and the industry are working to understand and implement the new requirements. Bankers have the power to help ensure that the new regulations are enforced consistently across the country. The continued success of RFI depends on banks’ integrating the survey into their ongoing regulatory compliance processes, by completing a survey immediately following each regulatory exam or visitation. One of the primary benefits of the initiative is the ability to identify discrepancies in real time. Bankers have a unique opportunity to improve the industry’s regulatory climate and truly hold examiners accountable, by making their voices heard after each exam. When sufficient data has been gathered from the survey, participating banks of the Indiana Bankers Association may also request Let your voice be heard ! Take the RFI* survey at www.allbankers.org *RFI = Regulatory Feedback Initiative By taking our survey you are providing anonymous feedback that will be used to hold regulators accountable. More than 2000 bankers have already participated. Take a stand. Take the survey. (without revealing your identity) Indiana Bankers Association a proud member of a report from IBA that summarizes the feedback of similarly situated banks (based on asset size, primary federal regulator, region, etc.),which can serve as a powerful resource in exam preparation efforts. More information about the Regulatory Feedback Initiative can be found at: www.allbankers.org/ initiative, or contact Rod Lasley at the IBA at 317-387-9380, email: rlasley@ indianabankers.org. t
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