5 “random” facts

5 “random” facts

Fact 1 – According to the U.S. Bureau of Labor Statistics, the increasing complexity of financial regulations will spur employment growth of financial examiners.  In fact it is expected to experience the third largest growth of all career paths through 2018:
Fact 2 – According to Rep. Shelly Moore Capito (R-W.Va.), author of H.R. 3461, “The Dodd-Frank Act has added so many new regulations to financial institutions, it has helped boost a 31% projected growth in job opportunities for Compliance Officers.”

Fact 3 – Speaking of H.R. 3461…It is also called the Financial Institution Examination Fairness and Reform Act, and aims to provide “more transparent, timely and fair examinations” by reducing the disconnect between exam results and their regulating agencies.  It now has 154 co-sponsors.

Fact 4 – A related bill (S. 2160) has just been introduced in the Senate.

Fact 5 – The provision in both bills that is getting the greatest push-back from regulators is the one that grants a financial institution the right to appeal an examination finding to an ombudsman at the FFIEC, not the regulator that made the finding.

I’ll let you connect the dots of these “random” facts.

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Tom Hinkel
As author of the Compliance Guru website, Hinkel shares easy to digest information security tidbits with financial institutions across the country. With almost twenty years’ experience, Hinkel’s areas of expertise spans the entire spectrum of information technology. He is also the VP of Compliance Services at Safe Systems, a community banking tech company, where he ensures that their services incorporate the appropriate financial industry regulations and best practices.

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