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Fifteen State Banking Associations Create Compliance Alliance


June 29 - Compliance Alliance, a regulatory compliance resource for banks, is owned by 15 state banking associations across the United States. In an effort to provide a lifeline for their banks, the Florida, Kentucky, Massachusetts, Michigan, Montana, Nebraska, New York, North Dakota, Oklahoma, Oregon, Texas, Utah and Virginia Bankers Associations, Pennsylvania Bankers Association Services Corp. and the Illinois League of Financial Institutions have united to create the only compliance resource to be owned by state banking associations.

“These 15 state banking associations saw the struggles that banks are facing and joined forces to offer Compliance Alliance to banks across America” said Scott Daugherty, president and general counsel.

With the workload created by the Dodd-Frank Act, Compliance Alliance was developed to assist banks in navigating the expansion of compliance rules and regulations. The organization currently provides more than 325 products, including calculators, cheat sheets, check lists, cliff notes, enforcement actions, flowcharts, forms, handouts, matrices, policies, procedures, risk assessments, training tools, webinars and worksheets, with new documents uploaded each day. The wide variety of resources allows each bank, no matter the size or amount of time in business, to customize a group of documents specific to its needs.

If there is a document that is needed but not available on the website, Compliance Alliance will create the document. The products on the website are produced in-house allowing questions to be answered by the creator. Specialists are available to answer questions as well as counsel on bank-specific issues. Each dedicated staff member has banking, regulatory and/or legal experience.

In addition to products, Compliance Alliance also offers services to its subscribing banks. To help bankers with advertising reviews, which are difficult to complete, a review checklist is available. The bank’s compliance specialist can also complete the advertising review. A few of the many other services include a compliance calendar, daily emails with news and links to the recently posted website documents, weekly and monthly newsletters, and links to all of the handbooks, manuals and regulatory guidance documents from the regulatory agencies.