The federal agencies publish their exam manuals which can often be helpful when looking up regulatory information or building an internal audit program. • FDIC: Consumer Compliance Examination Manual12 • Federal Reserve: Supervision Manuals13 • OCC: Controller's Handbook14 • CFPB: Supervision & Exam Manual15 • NCUA: Manuals & Guides16 • FinCEN: BSA/AML Examination Manual17 The agencies also publish communications that are helpful when new information is announced, many of which you can subscribe to receive via email. • FDIC: Financial Institution Letters18 • Federal Reserve: Supervision & Regulation Letters19 and Consumer Affair Letters20 • OCC: Bulletins21 • CFPB: Supervisory Guidance22 • NCUA: Letters to Credit Unions23 • FTC: Consumer Alerts24 • FFIEC: Press Releases & Announcements25 • FinCEN: Advisories26 It is in your best interest to subscribe to several banking e-newsletters and compliance publications directly from bankers’ associations and other secondary resources. I highly recommend signing up for as many email communications as possible so you don’t inadvertently miss important information that may affect your institution. Create Alliances With Your Colleagues When I was a compliance officer, one of the most routine methods for regular and consistent contact with colleagues came from the compliance committee. During my time at the bank, our committee was comprised of leadership from several departments, including the bank president. This was perhaps the most substantial opportunity for me to meet with management and discuss consumer compliance topics in lending, deposit, operations, as well as BSA. Each department leader was responsible for agenda items within their area of expertise, which can be an excellent way to create accountability and a culture of compliance within the institution. With this in mind, it is important to note that compliance can be a shared responsibility; the burden does not necessarily need to fall on one person alone. After building a strong rapport with the committee members, you will find it easier to collaborate on projects in between meetings as well. In addition to creating alliances through the compliance committee, compliance officers also need to be transparent and responsive to all employees within the institution. Remember, you are likely their primary source of regulatory guidance and information. When they have questions, you are responsible for researching the answer which makes being approachable and collaborative essential qualities. projects, tasks and responsibilities you need to complete throughout the year, whether routine or one time, and can include important data such as: • The name of the project. • The name of the individual(s) assigned to champion the project. • The frequency of the project. • The next due date. • A brief description of the project. • Where the information is to be reported once completed. Once projects are completed, you can mark them accordingly or simply adjust the due date to the next frequency for repeat tasks. Know Where Your Resources Are My philosophy on the role of compliance officer is not necessarily memorizing all the rules and regulations, but rather knowing exactly where your resources are. When I started in compliance, nobody taught me how to find banking regulations — I wasted a lot of time thumbing through old training manuals or googling regulatory citations. Compliance professionals should know how to research rules, regulations and statutes directly from the primary source materials and be alerted when something new is coming down the pipeline. One of the main resources for researching regulations is found on the Code of Federal Regulations1 website, or the eCFR system, particularly Title 122 and Title 313, where many of the banking regulations are located. Banking regulations can also be found on the federal agencies' websites depending on which agency has authority over the regulation. • FDIC: Rules & Regulations4 • Federal Reserve: Regulations5 • OCC: Laws & Regulations6 • CFPB: Interactive Regulations7 • NCUA: Rules & Regulations8 • FTC: Statutes9 and Regulations10 • FinCEN: Legal Authorities11 The Show-Me Banker Magazine | 31
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