MINDY KOEHLER Senior Registered Institutional Sales Associate mkoehler@dadco.com Your Nebraska source for all of your bank’s portfolio needs! • Municipal bonds – Nebraska and nationwide • Corporate bonds • Agency bonds • CMOs • CDs • Whole loans (both buying and selling) We have a combined 57 years of experience working exclusively with banks, insurance companies, and registered investment advisors. JON MORTEN Senior Vice President, Institutional Sales jmorten@dadco.com TYLER MORTEN Senior Vice President, Institutional Sales tmorten@dadco.com 5701 S. 34th St., Suite 202 Lincoln, Nebraska 68516 (800) 955-2557 | (402) 420-8200 What’s an appropriate change management strategy for community banks? Each regulatory scenario described above warrants a course of action specific to that issue. For example, regarding the enhanced consumer privacy laws, banks should revisit privacy disclosures, notices, and policies within the states they operate. More holistically, banks can manage all the impending regulatory changes following these three steps: 1. Monitor regulatory proposals and changes through industry groups and trade associations. Seek clarification and/or assistance from trusted partners outside of your organization. In addition, involve your operations, technology, and compliance staff to gain a comprehensive view of any potential changes. It is also prudent to communicate with your Board and senior staff and to document your regulatory discussions in Board minutes. 2. Designate an internal stakeholder to implement/ monitor regulatory changes. This stakeholder can also conduct testing after implementation to ensure the process and related controls are operated as intended in addition to documenting your bank’s change in management efforts for subsequent review by external parties. Partner with an external regulatory expert. Staying current with newly implemented and/or potential regulations requires time, expertise, and deep industry knowledge. An external overseer can advise on necessary regulation and compliance issues, giving banks the freedom to focus on serving their communities. For more information about compliance and regulatory solutions, contact Keith Gruebele at KGruebele@bhg-inc.com or (954) 263-6399. NICBONLINE.COM 25
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