Post written by Brandi Gray, AVP Fair and Responsible Banking Officer
The banking industry has exploded with more consumer protection compliance regulations in part due to the financial crisis of 2009.
It’s like watching the Super Bowl between banks and regulators, and the regulations are the rules by which the game must be played. The regulations make sure the game is played fairly so consumer harm is prevented and those who intentionally harm a player are penalized.
Compliance officers are the referees who must interpret the rules/regulations and make sure everyone is playing by those highly technical rules. Not everyone likes the referees (or the rules), but everyone knows they need to be there to make sure the game is played fairly.
Referees/compliance officers need specialized training during the regular season of play to make sure they’re prepared to ref the big games, like the Super Bowl of the compliance world, also known as the FDIC Compliance Exam.
Many industries have professional certifications that identify and promote industry excellence. One such certification in the banking industry is the Certified Regulatory Compliance Manager or CRCM. It’s a nationally recognized, job specific, regulatory certification through the distinguished American Banker’s Association (ABA).
The ABA requires a few years of compliance experience before a person sits for this rigorous exam. CRCMs must adhere to a Professional Code of Ethics which emphasizes a “high standard of conduct, competency, knowledge, professionalism, integrity, objectivity, and responsibility as they discharge their duties in the practice of their profession.”
We strive for excellence and support those staff members who want to advance their professional education in their fields.
At Stockman, we have four CRCM certified “referees” playing the game who make sure all sides are following the rules and no one is harmed.
Currently, there are 20 CRCM certified compliance officers in the State of Montana.
The CRCM exam assesses the individuals in the following banking fields: Credit, Deposit, Banking Operations, Bank Secrecy Act/Anti Money Laundering, Community Reinvestment Act/HMDA, Privacy, Securities, Insurance and Other Financial Services. These topics involve, at a minimum, 42 industry topics and regulations.
Referees/compliance officers in this field are involved in the application, implementation, and maintenance of relevant federal and state regulations.
We also have one Certified AML and Fraud Professional referee/compliance officer.
In the changing playing field of consumer compliance, it’s important that the referee/compliance officers commit to their industry by investing in ongoing education.
Having skilled and certified referees/compliance officers also demonstrates to regulators that we’re keeping our employees current and up-to-date with industry regulations and hot topics.
We want a fair and honest playing field for all those looking to do business with us and who have made significant investments to improve their game.
We have other staff members with professional designations. Stay tuned for future blogs to learn more about them.