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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.
As the Department of Labor increases its enforcement of wage and hour regulations, banks need to devote more attention to workforce compliance risk.
Bankers have reason to worry about the CFPB, mainly because of the impact new approaches to consumer complaints and new disclosures for deposit products may have on the industry.
Anti-money laundering officers have been adept at improvising under a torrent of new regulations but the time is coming when enterprise-wide systems are required.