Now more than ever, Bankers Alliance is here to support
A new administration in Washington, D.C., with an aggressive regulatory regime suggests compliance challenges are in store for community banks in Texas and around the country. Sound familiar? We’ve been there before, but this time we’re much better equipped.
Most Texas bankers I know are familiar with Compliance Alliance, TBA’s company designed to help community bankers keep up with — and stay ahead of — the ever-changing regulatory environment in the aftermath of Dodd-Frank.
Launched in 2011, Compliance Alliance quickly established itself as the go-to compliance resource for Texas banks. Its tools and services were so appealing that other state bankers associations (SBAs) took note. The Compliance Alliance footprint began to spread. Fast forward nearly 10 years and today Compliance Alliance has a partnership representing 31 SBAs and proudly serving more than 600 community banks in 49 states.
The success of Compliance Alliance has been well earned. Throughout its evolution, even during a recent pandemic and winter storm, their team of professionals — attorneys, compliance specialists and former regulators — have not skipped a beat as the service has grown. The team now answers more than 50,000 hotline questions and conducts nearly 5,000 reviews each year while also providing access to more than 1,800 tools, crafting timely publications and conducting popular webinars to keep community bankers informed. And all of this while maintaining a 99% customer satisfaction rate.
What some bankers don’t know is that Compliance Alliance is part of a larger Bankers Alliance family of services. Based on banker needs and requests, TBA recently created a sister company, Review Alliance. Review Alliance provides compliance reviews as well as the new Virtual Compliance Officer (VCO) offering.
Review Alliance’s compliance review service provides a tailored approach to assist community banks with audit engagements covering areas such as BSA, lending compliance, deposit compliance, ACH, internal controls, loan reviews and even special projects such as HMDA scrubs.
Review Alliance’s latest innovation is the VCO. VCO is a shared service vetted by OCC and FDIC regulators that allows banks to outsource BSA/compliance monitoring and reporting. The VCOs — experienced professionals who are certified in compliance — will assist in steering the bank’s program, monitoring for compliance, providing management reports, tracking findings and following through.
Participating banks just pay an annual fee; Review Alliance covers all employee costs — finding and hiring talent, salary, benefits, certification upkeep, etc. As a result, banks encounter value beyond the expertise of their dedicated VCO — they encounter bottom line benefits, as well.
Today, not unlike during the aftermath of Dodd-Frank, community banks face compliance challenges and regulatory uncertainty. But today, our Bankers Alliance companies — Compliance Alliance and Review Alliance — are already in place to help. Now, more than ever, community banks seeking a trusted resource for compliance answers, tools, resources, audits and even dedicated expertise should look to Bankers Alliance.
To learn more, I encourage you to visit bankersalliance.org or call 833683-0701.