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Jo Ann Barefoot and Lyn Farrell: ABA Banking Journal Podcast
ABA Banking Journal
Podcast: Don't Get Trapped in UDAAP
Jo Ann Barefoot and Lyn Farrell

Is there a solution to this massive, widespread bank compliance malaise?

“Bank compliance spending and staffing move in only one direction: up. That’s been true since the consumer movement arrived 40 years ago, and it is alarmingly true today. The massive mandates flowing from Dodd-Frank, combined with newly aggressive enforcement, are overstretching bank compliance officers. Implementation is backlogging. Penalties are escalating. Large banks are hiring while small banks wonder if the work is even doable in their league. People speak of ‘pulling the ripcord’.”

So wrote Jo Ann Barefoot (left, above) and Lyn Farrell (right) in their June ABA Banking Journal cover story. The challenge grows worse as the Dodd-Frank Act’s “UDAAP”--Unfair, Deceptive, and Abusive Acts and Practices—comes into the picture.

Bankers don’t have to pull the ripcord, the authors maintain.

The authors, co-chairman and managing director at Treliant Risk Advisors, met with ABA Banking Journal Executive Editor Steve Cocheo for an interview during ABA’s 2011 Regulatory Compliance Conference.

Here's some of what you'll hear in this podcast:

• Why UDAAP is the #1 risk in the consumer compliance arena.
• The critical role of senior management in moving foward on compliance.
• How one CEO declared 2011 his bank's year of becoming "The Most Compliant Bank in America."
• How another bank has set up its own "Fairness Project" and the surprising volunteer to head it up.
• How Gen Y relates to the shifting attitude towards compliance issues.
• Why every bank, from community banks to the largest players, must consider a change in compliance culture.

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