Compliance Officers BEWARE! Bank management in your bank is likely enjoying the thought that compliance is going to be less stringent, at least for the next 4 years. Here is my take on what the future holds:
1-Compliance Budgets will be tightened
2-Compliance Hiring will see freezes, certainly no department expansion.
3-Regulators will be looking for number 1 and 2 to occur and will see this as a sign your bank management is less committed to ongoing compliance.
4-It’s a circle, regulators will begin to issue more MRA (Matters Requiring Attention) and
5-Staff will then be added, budgets increased.
While praying that your bank does not take this position, remember, this too shall pass.