Due to the increased regulator burden placed on the financial industry, the implementation and execution of a strong compliance program is important. Monitoring your institution's compliance efforts between examinations will help identify weaknesses that could expose your institution to possible loss or injury to earnings and capital. This exposure could lead to fines, civil money penalties, payments of damages, invalidation of contracts, as well as damage to your institution’s image.
We have the experience, dedication and resources to provide the finest compliance assistance to allow you to focus on providing quality service and products to your customers.
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Exam Preparation or Follow-up Reviews
A regulatory compliance examination can be a very stressful for all financial institution associates. The uncertainty of your institution's compliance effectiveness is a strong indication that the exam process may not go smoothly. An exam preparation review can help identify any weaknesses that could expose your bank to possible violations or criticism.
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After an examination, areas cited by the regulators will be reviewed to ensure that appropriate action has been taken and that no further instances of the violation/exception have occurred. Any continued violations will be reported to the bank with recommendations for correction and prevention.
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Policy Review and Development
Over the past few years, regulatory agencies have become more insistent on financial institutions having formalized written policies for many financial operations, instead of relying on established patterns, practices and methods. Properly written policies will document your institution's practices for specific operations, will provide consistency in decision making, and will serve as guidelines when establishing procedures. We can review your institution's existing policies and make recommendations as necessary or assist in developing new policies as needed.
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Regulatory Disclosures
It is important to have regulatory disclosures that reflect your institution's appropriate policies and practices. The disclosures should be "customer friendly" as they are designed to assist consumers in understanding the different account types offered and the appropriate regulations that govern these accounts and services. We can assist in the development of customer disclosures as required by the Truth In Savings Act, Expedited Funds Availability Act and Electronic Fund Transfer Act.
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UMB Consulting Monitor
This monthly newsletter is written by our experienced product specialists, and is designed to keep you informed of Sales, Compliance, and new developments within the Banking Industry. It contains articles about regulatory hot points, management and sales tools, as well as a Q & A section where you can submit your own questions.
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Toll-Free Telephone Assistance
Our staff of compliance specialists is available to address your compliance questions, issues and concerns. We will also review forms, documents and advertisements for compliance with applicable regulations.
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Document Review
Our staff can help you to complete forms and documents in the regulatory world as well as helping you to implement secondary reviews at your bank.
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