Community bank directors have many responsibilities and obligations to the institution, and these demands continue to grow. One of the most challenging responsibilities is ensuring their bank maintains a strong regulatory compliance system and achieves compliance with applicable laws and regulations. This is particularly challenging for outside directors in other professions with limited experience and knowledge in bank compliance matters. For these reasons, when their banks are confronted with compliance violations, directors are often left asking whether the regulatory agencies really expect them to know the underlying regulatory requirements and expectations. This discussion will focus on the current regulatory environment and how community bank directors (particularly outside directors) can reasonably obtain the necessary knowledge to fulfill their regulatory obligations and make sure their bank stays in good regulatory standing.
Gerrish Smith Tuck
