Cashmere Valley Bank in Washington State is a case study of a small bank grappling with the regulatory uncertainties of Dodd-Frank implementation. And it is one of many banks that have looked outside its own IT department for help.
"Since a standard set of compliance tools or tech has
Though Cashmere Valley is well below the asset-size compliance cut-off for much of Dodd-Frank, many small banks still expect to have to conform to certain requirements. According to one lawyer "these provisions include revised mortgage lending requirements under the Truth in Lending Act, expanded disclosure of credit information to consumers, requirements tied to collection of data on small-business loans, and expanded examination authority for non-bank subsidiaries such as mortgage affiliates," writes Adams.
One of the biggest issues for which banks are seeking outside help? Vendor management.
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