Pub. 7 2016 Issue 4

www.wvbankers.org 6 West Virginia Banker Compliance Alliance – Give it a Try C ompliance with federal consumer protection laws and regulations is ever-changing. Banks must develop and maintain a sound compliance management system that takes into account compliance responsibilities, employee understanding of those responsibilities, and assurance that the requirements are incorporated into business processes, including the introduction of new products and services. Education of a bank’s Board, management and staff is essential in maintaining an effective compliance program. Compliance Alliance, Inc., a WVBA company, is an excellent resource for your compliance staff. Compliance Alliance was founded in 2011 and is owned and operated by 27 State Bankers Associations. The company’s team consists of former regulators, attorneys and compliance specialists. Once a member, you will receive regular emails highlighting important regulatory updates and the latest changes in the banking industry. You will also receive summaries of new regulations in layman’s terms explaining exactly how your bank will be impacted by the changes. Membership can therefore be a huge time saver for banks and can help reduce the anxiety of compliance. Compliance Alliance membership benefits also include: •A comprehensive set of bank compliance tools and documents, including policy, procedures and risk assessment templates, with more than 1,200 available for download. •An all-access hotline that allows any employee of your bank to contact Compliance Alliance to address their regulatory and consumer compliance questions or concerns. The hotline is available Monday through Friday from 7:00 a.m. to 6:00 p.m. (CT) by phone, email or live chat. Most responses are immediate. •Reviews of your bank’s existing documents (policies, procedures, disclosures, marketing/advertising, etc.) for compliance and best practices. The Compliance Alliance team will conduct a full analysis and return the documents with recommendations within three business days. •Quick access to comprehensive federal regulatory information. Annual membership pricing is as follows: •Bank or Holding Company with assets under $1 billion: 1-Year Contract - $10,000 at signing or 3-Year Contract - $7,500 per year •Bank or Holding Company with assets of $1-10 billion: 1-Year Contract - $12,500 at signing or 3-Year Contract - $10,000 per year •Bank or Holding Company with assets more than $10 billion:Contact Compliance Alliance for specialized pricing The best way to learn about the benefits of Compliance Alliance membership is to attend a one-hour live demonstration of the Compliance Alliance website. This virtual, interactive tour will provide an in- depth look at each of the tool types and resource categories. I also encourage you to contact other banks who are already members. Upon request, we can provide a list of references that are comparable to your bank’s asset size and geographic location. Because banks need to be cautious when beginning business relationships with new vendors, you will have an opportunity to “test- drive” the program to see if it is a good fit before making any binding decisions. You owe it to your bank to have a compliance management system that is more efficient and effective, and I ask that you consider giving Compliance Alliance a try.  A MESSAGE FROM THE PRESIDENT & CEO By Sally Cline To learn more about Compliance Alliance and the services available contact Diane Harman, WVBA Products and Services Administrator, at (304) 343- 8838 or visit https://www.compliancealliance.com/. Testimonials “From ACH Healthcare Payments’ Procedures to Reg Z, Compliance Alliance has you covered. For community banks, this web- based service is a must-have- shouldn’t-do-without that covers all areas within the bank – not just compliance. I would never manage in a bank without it and, I would never ask my managers to manage without having full access to it. It’s that good.” - Larry Stark, President and CEO of First Bank of Charleston. "Compliance Alliance has been the best resource for information that I have used as a Compliance Officer. The website is very user friendly and easy to navigate. I have had the program for six months and I am still finding new helpful resources on the website that I can use for my department. The best part of Compliance Alliance, in my opinion, is the live chat feature. To be able to ask a compliance expert a question and have a discussion with someone about it is fantastic. The breakdown and explanation of Regulations feature is extremely helpful as well as the toolboxes (a selection of forms and tools) you can create for different departments within your institution. I am rather new to compliance so this has been a very helpful tool to teach me, help me and guide me along my way.” - Whitney Harris, Compliance Officer of Putnam County Bank.