Pub. 6 2011-2012 Issue 5

www.nebankers.org 16 Extraordinary Service for Extraordinary Members. I N ITS CREATION THE DODD-FRANK Act consisted of more than 2,300 pages, with 5,000 pages of new regulations expected over the horizon. Even before Dodd-Frank, community banks were forced to comply with 1,700 pages of consumer regulations, not to mention the hun- dreds of pages of other regulations that govern how banks make loans, to whom they make loans and under what conditions, and how they set up reserves for the loans. As a result of the alarming changes resulting from Dodd-Frank, a group of 16 compliance officers represent- ing banks ranging in asset sizes from $100 million to $3.6 billion gathered in Texas to discuss how they would deal with the new storm of regulations from the bill. The primary question posed at themeeting was urgent: What resources could the state bankers asso- ciations provide to make the job of the compliance officer easier? The answer was anything but simple. The bankers concurred that they had no idea how they would keep up with the additional regulations com- ing down the line as a result of Dodd- Frank. So what could be done in the midst of all the unavoidable changes? The answer: Compliance Alliance. “Thousands of audit firms exist to- day, but bankers need a trusted place to call with their questions and to re- ceive the training and tools needed to deal with the regulations as they are introduced,” said NBA President and CEO George Beattie. “They don’t have a lot of time to spend on reading and researching. They also need someone to watch the calendar for them and keep track of upcoming and finalized regulations.” The feedback from that meeting de- veloped the fundamentals and outline of Compliance Alliance, a compliance corporation that offers a variety of use- ful and unique compliance functions for banks. The utmost goal is to provide quality compliance services to free up bank employees’ time and let them focus on their already demanding, day- to-day tasks. Compliance Alliance aims to do the job of a compliance officer at a price that’s affordable for a community bank, given the tough economic and legislative environment. How Does Compliance Alliance Differ? Compliance Alliance is unique in that it goes beyond what other compli- ance companies and officers offer. The corporation not only answers hotline calls, but also takes all the recently introduced regulations, summarizes them in plain text, and gives banks the tools to effectively implement and utilize them. Regulatory Burdens Sprout Innovative Compliance Program Following the passage of the Dodd-Frank Act, not only are a swarm of rules and regulations being unloaded on financial institutions, but the demand on banks’ human and financial resources has been overwhelming for many.