Bank Compliance Center

In today’s banking environment as soon as one big new regulation is implemented another pops up. ICBA’s compliance training opportunities and exceptional resources, online and offline, will help your community bank stay informed and one step ahead of the regulators.

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Upcoming Compliance Training

Compliance Question of the Week

Question: Which practices can increase the risk of violations in the area of third-party relationships?

ANSWER: 

Vendor risk management problems often involve one or more of the following issues:

Overreliance on third-party vendors. A common root cause of vendor problems is the overreliance, and sometimes complete reliance, on a third-party vendor. Third parties can provide staffing and expertise but do not assume ultimate responsibility for compliance violations involving products or services offered by an institution.

Failure to train new staff or retain knowledgeable staff. Institutions may believe they can avoid hiring, retaining, or training staff because of a vendor’s expertise. Although an institution may be leveraging a third party’s expertise, staff at the institution must be knowledgeable about vendor activities and the compliance requirements for that activity to facilitate monitoring. Specifically, proper staffing or specialized training for existing personnel may be required. Similarly, banks should consider evaluating activity at the vendor’s location to ensure that risks are understood, and that staff has sufficient knowledge of vendor processes and controls.

Failure to adequately monitor the vendor. Ongoing monitoring is necessary to ensure compliance and to prevent potentially costly regulatory violations.

Failure to set clear expectations. An institution must ensure that the information provided to third-party vendors is complete and accurate and that expectations for vendor performance are communicated clearly and included in the contract with the vendor. Vendor contracts should also include detailed consumer protection requirements to ensure that the vendor is aware of the applicable requirements.

Reference: Fed. Consumer Compliance Outlook, 4th Quarter 2012.

 

 

 

 

 

 
 

 

 


 

Compliance Vault


The ICBA Compliance Vault is now available as a member benefit to all ICBA members.

The Compliance Vault is a reliable search tool that helps you find answers to your regulatory compliance questions, with access to over 2,500 Q&As, select online courses, and documents.

Learn more & open the vault

Compliance Resources


Subscription

Bank Compliance Check Up

Compliance Education Graphic

Regular monitoring is essential to a successful compliance program. With the Bank Compliance Check Up Program, compliance monitoring has never been so stress-free. The program places the regulatory requirements into checklists, using a Yes, No, N/A format to allow for easy assessment of how the bank is meeting compliance requirements.

Select the desired checklist, answer the questions, add comments as applicable, and save or print the report. Use the report to demonstrate to your board of directors, management, and examiners, the effectiveness of your compliance management system.

Training agendas and quizzes are provided in over 40 compliance areas that correspond with the checklists. When a checklist is complete, review the areas of noncompliance or where there is a weakness and use the training agendas and quizzes to assist in training staff to become more compliance.

Use Bank Compliance Check Up to:

  • Determine how well your compliance program is meeting requirements.

  • Determine the effectiveness of training.

  • Evaluate the strengths of your compliance program.

  • Save time in creating reports for your board and management.

  • Train staff in areas on noncompliance.

The Bank Compliance Check Up Program uses Microsoft Excel. There are over 100 checklists available and new checklists are added as regulations and guidance change.

Your subscription includes access to the program and any updates for one year from the date of purchase.

Subscribe to Check Your Ad, Compliance Deskbook and Bulletin Service, and Bank Compliance Check Up and save $300. Purchase two of these products and save $100. New subscriptions only. Offer valid for first year of subscription only.

Must call ICBA Education to place your order and receive the discount. 800-422-7285

Initial Price
ICBA Member: $499
Nonmember: $799

Annual Digital Renewal
ICBA Member: $349
Nonmember: $649

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