After September 11, 2001

The unthinkable has happened. Two of our cities have been attacked and turned inside out. The World Trade Center is now airspace. The Pentagon is missing one of its distinctive sides. Where does this leave us and what do we do now?

We are about to show the world what this country is really about. We are about tolerance, not intolerance. We are about openness, not underhandedness. We are about courage, not back-stabbing. We are about building, not destroying. And that's exactly what we are going to do: build.

Even while reeling from the blows, we are already working on what to do next - and doing it. The banking system is working - plugging holes and keeping the process functioning.

If we were to do the unthinkable and give up, this "attack on America" would destroy much more than this country. If we were to give up, this destruction would reach throughout the world, beginning with the world's economy. But we won't do that. We never have given in or given up.

Throughout our history are examples of people who have never given up. Most of us came here for opportunity and we brought our determination and optimism with us. Some of us were brought here against our will, and we brought our determination and will to survive with us. Some of us were here already, and tenaciously hold to our precious place. However and whenever we arrived on this continent, we have faced every kind of adversity and prevailed. We will do so again.

So now it is business - not necessarily business as usual, but definitely business with American determination and innovativeness. Ironically, the Y2K effort we struggled with so recently has tremendous value as a dress rehearsal for what we must now do. We have just looked at our systems and processes. We should now know where every connection, electronic or otherwise, is. We'll put our American innovativeness to work and rebuild.

Where does compliance fit into this? We have often looked at compliance as a form of burden. But today, compliance can clearly be seen as something important that distinguishes America from the countries and people that harbor terrorism. Compliance laws give each one of our customers the rights and privileges that customers should have.

Some regulations, such as Truth in Lending and Truth in Savings, assure customers the information they need. Other regulations, such as Equal Credit Opportunity and Americans with Disabilities, protect customers from unfair treatment. Still others provide customers with the ability to control and correct their transactions. Electronic Fund Transfer and Regulation E ensure this for customers.

Other regulations exist to protect us from harm and from destructive forces. We monitor the movement of funds to do our part to control and minimize crime. We freeze foreign assets to make terrorism more difficult. Especially now, the OFAC rules are important. After all, if the terrorists' funds had been frozen, they wouldn't have been able to do what they did.

We pay a price for our privileges. We pay a price to protect them. Compliance is part of that price. Given the importance of what we are protecting, compliance is a bargain!

Copyright © 2001 Compliance Action. Originally appeared in Compliance Action, Vol. 6, No. 11, 9/01