Hold On!
By David Dickinson
The regulatory environment is definitely getting more challenging, but it's not over. If you thought the last 6 months have been rough, you better fasten your seat belt. Congress believes the regulatory agencies have been too lax. Banking regulations have been increasing for the last several years, but we will see exponential changes - at least for the next couple of years.
We've got changes to the SCRA, and RESPA (yikes!), High Priced Mortgage Loans, the Mortgage Disclosure Improvement Act, Reg D debit limitation changes, a new Standard Flood Hazard Determination Form, HMDA Rate Spread changes, and check processing regions being closed (soon there will be no more non-local checks). There's a new FACT Act requirement, credit card rules and Truth In Savings Act periodic statement changes. And soon you will be required to escrow on many home loans. STOP THE BUS!
In the past, regulations were designed to INFORM the consumer of the product they were acquiring (loan or deposit account). This mentality has shifted. Now it appears that:
- All consumers are ignorant,
- All bankers are unethical, and
- The government will PROTECT the consumer from the banker.
This is dangerous thinking!
Before you get depressed, there's good news. It's called Job Security. 
Compliance Officers are in more demand today than ever before. We need to be well organized and well read on these changes. Be sure to keep you management and Directors informed of all of the changes (recent and upcoming). Let them know about needed resources (training, software, vendor changes, etc.). You don't want to get behind the curve on these changes.