Latest Compliance - Policies Topics

There are plenty of things that banks have to do. Compliance is a long, long list. But that doesn't mean that you can't use compliance to the bank's advantage.

Rick Small, the FRB's guru on Bank Secrecy, recently testified before the Senate's Permanent Subcommittee on Investigations, Committee on Governmental Affairs.

We've said it here before, but now the American Banker's Association's incoming president is saying it: privacy is our next big issue.

If you haven't gotten the message yet, the invasion of customer privacy by banks is out.

Alan Greenspan, at the 1997 Conference on Privacy and the Information Age, observed that "the dictionary defines privacy as the state of being free from unsanctioned intrusion."

You may already have a privacy policy in your bank. This is the time to take a close look at that policy and decide whether it is sufficient for today's and tomorrow's needs.

In the past 18 months, the bank and thrift regulatory agencies have given detailed guidance on what institutions should do to protect customer privacy and have specified what policies and procedure

It isn't a regulation yet, but the message is clear.

by Dana Turner

Question: We have a lot of compliance policies. Some board members have questioned whether we really need all these policies.