NBA Friends:

A common frustration shared by our members regardless of their size, geography, or business model is complying with the ever-growing rules and regulations imposed by various regulatory agencies. As a result of input received from members, your NBA board of directors recently approved expanding our existing partnership with Compliance Alliance (C/A) to offer access to compliance audit services through Review Alliance and a new Virtual Compliance Officer (VCO) program. These services will be offered to NBA members at highly competitive rates. These services are part of Bankers Alliance (B/A), the only national compliance company created for bankers by bankers and now includes C/A, Review Alliance (R/A) and the VCO.

In 2012, the NBA partnered with 23 other state bankers’ associations to create C/A. C/A provides a subscription-based, comprehensive compliance service. Subscribers have access to compliance officers via phone, email or chat. Compliance calendars, unlimited document reviews, bank training programs, forms, flowcharts, checklists, compliance tools, and more are also part of the bank subscription license. Twenty-seven NBA members currently subscribe to C/A. It is important to note banks that subscribe to C/A also receive free access to the NBA’s Compliance Handbook. I have talked with a number of our C/A customers who tell me it is one of their most valuable vendors.

R/A was founded in 2020 to offer competitively priced compliance audit services to bankers within the BA footprint. Audits are conducted by highly trained and certified staff and provide a risk-based approach to compliance testing. Transactions are reviewed efficiently and effectively, focusing on streamlining the review process by using technology whenever feasible. All audit services include exit meetings with bank personnel. Bank management responses are incorporated into every final product. R/A audits regularly pass regulatory scrutiny by federal regulators.

Bankers often joke that the fastest-growing job within the industry is the position of “compliance officer.” The VCO program was designed as an alternative for banks who struggle to find and retain competent and committed compliance staff. A highly trained compliance specialist serves as the VCO for several financial institutions across the country in its simplest format. While your bank still maintains an internal staff member with the title of “compliance officer,” the VCO serves as a banks’ compliance expert. Benefits of using a VCO include retaining highly trained staff that are continuously educated on the ever-evolving world of compliance, monthly monitoring, and communication to access daily risk, compliance committee steering, policy and procedure guidance, reduction of staff turnover, a single point of contact, and lower overall cost. Banks who have engaged a VCO report successful interactions and results with their regulators.

The NBA has offered products and services to support members with their compliance challenges for more than three decades. Our Legal and Compliance team routinely offers periodic Compliance Updates, which summarize recently issued federal and state regulatory guidance. These Compliance Updates can be easily accessed on the NBA website. Similarly, 80 members take advantage of the subscription-based NBA Compliance Handbook.

The burden associated with ensuring a solid compliance program will undoubtedly increase as banks are subject to political, societal and business evolution. As you search for the best strategies to meet your regulatory and compliance responsibilities, I encourage you to consider the offerings available through the NBA. If you want to learn more, please contact me at richard.baier@nebankers.org or Jennifer Heaton at jennifer.heaton@nebankers.org. Additional information can be found at https://www.nebankers.org/compliance-alliance.html
Until next time, let’s keep working together to meet our customers’ financial needs and grow our communities!