Managing Compliance

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Managing Compliance in Today's Innovation-First Environment

To help community banks address the challenges that often arise with innovation and compliance, NEACH developed its latest white paper, Managing Compliance in Today’s Innovation-First Environment. The paper features commentary from community banks and regulators such as the OCC and the Federal Reserve, and speaks to the challenges that arise when legacy regulations clash with product innovation and how best to make the two work.

 

A Peek Inside the Paper...

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FINANCIAL SERVICES INNOVATION TRENDS

Key advancements shaping innovation today and in the future include:

• real-time payments;
• strategic FinTech partnerships;
• cryptocurrency/blockchain;
• artificial intelligence/machine learning;
• and more.

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EVOLVING REGULATORY ENVIRONMENT AND COMPLIANCE CHALLENGES

Many of today’s innovative payments solutions and financial services are subject to or impacted by updates and changes. Consider:

• payments system rules, addressing everything from
legacy systems like check and ACH to brand new
Real-Time Payments rails;
• Regulation E and its protections for emerging
payment types;
• data privacy laws that continue to evolve;
• potential government engagement over
cryptocurrency;
• and more.

COVID-19 AND ITS IMPACT ON COMPLIANCE

Regulating and maintaining compliance during a pandemic creates additional challenges for both community banks and regulators. To support safe and efficient financial services monitoring, regulators have:

• adjusted rulemaking priorities;
• transitioned to virtual audits;
• provided conditional pandemic relief;
related to filing and reporting;
• and more.

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ADDRESSING COMPLIANCE CHALLENGES

Community banks can take measures to lessen the burden of compliance, while continuing to explore and deliver the innovative products and solutions that will support banks and their customers into the future. Top tips include:

• leveraging technology such as RegTech;
• increasing education and accreditation
opportunities;
• identifying and tapping into the expertise
of the right partners;
• and more.

 

Download Managing Compliance in Today’s Innovation-First Environment to get ahead of the compliance challenges facing innovation in community banking.