There's No Substitute for Reading; This and That

Posted by Anthony Demangone

As we look toward 2011, here's another thought. Read.  

A good compliance officer has to devote some time each day for reading.  The reading list might include new regulations, guidance documents, blog postings, newsletters, and the like.  Background reading is a must.  If you ignore it long enough, you'll eventually say things such as..."When did NCUA issue that?"  Hopefully not last year. 

Here are some thoughts along those lines:

• Turn off the phone, and shut your door.  Give yourself the right reading environment, or the time you spend reading may end up being time wasted.
• Perhaps one day a week, come in early.  I've found that I can accomplish more between the hours of 6 and 9 a.m. than I can the rest of the day. 
• If something is interesting, but not time sensitive, add it to a reading list or pile.  When time presents itself, which may be in 2014, pick up the pile and start digging through it. 

I don't think you'll ever have enough hours in the day to read everything that you want, but the more time and effort you can devote to this task, the better off you'll be. 

***

Here are some other items of interest:

OFAC.  They recently issued civil money penalties against two financial institutions. 

Regulation Z.  Last week the Fed issued an interim final rule to clarify a few issues regarding another recent interim final rule regarding MDIA requirements. 

Interchange.  Hey NAFCU members, we've created an overview of the Fed's recent proposal concerning debit card interchange fees.  

Comments

[Jason Clarke]

The daily reading suggestion is right on. I try to review blogs (including and especially this one) every morning. I also have a folder on my desktop marked "For Review" where I put some of the larger items of interest from FinCEN, NCUA, or the Fed for later reading. I must admit that I don't get to that as often as I should...but it is a start.