In the wake of Europe’s most sweeping data regulation, it’s time for banks in the U.S. to take a reality check on their security practices.
By analyzing the Consumer Financial Protection Bureau’s database of consumer complaints, banks can head off violations (and fines) in their own organizations.
Heightened regulatory scrutiny means that financial institutions should keep their board members up to date on issues involving social media, cyber security and mobile devices.
Thrift institutions once regulated by the OTS are struggling with reserve allocations under the OCC.
In the most recent round of examinations, regulators are focusing on asset quality, particularly in the area of commercial real estate.
Rather than decrying increased regulation, bankers can embrace the new reality and turn their compliance operation into a competitive advantage.
With its enforcement of regulations governing ‘unfair, deceptive and abusive acts and practices,’ the Consumer Financial Protection Bureau raises the compliance bar for new product design and marketing.
Banks today are understandably worried about compliance issues but throwing too many resources at this non-productive activity is not the answer.