Independent Banker - April 2021 - 22

PORTFOLIO
◎FOCUS COMPLIANCE
1. Maintain a culture
of compliance
4 ways to conquer
compliance challenges
For community banks, regulatory burdens and compliance costs are
constant challenges. But by taking steps including building a culture of
compliance, they're challenges that can be met. By Mary Thorson-Wright
For compliance to shine,
community banks must clearly
and consistently communicate
compliance responsibilities
across their institutions. They
should treat compliance as part of
everyone's job, including third-party
service providers.
The importance of compliance
must travel from the top-down to
engage the entire team to work
together. The compliance and
legal departments do their part
by disseminating information,
answering questions and providing
critical oversight, but successful
community bank managers know
that compliance and legal staff need
bankwide support. Community
banks should operate under the
assumption that compliance isn't
an afterthought, a necessary evil or
contrary to business goals.
2. Recruit compliance talent
FDIC-insured community bank
charters represented 91% of
insured institutions as of Q3 2020,
according to the FDIC. Of those
5,000-plus financial institutions,
2,416 were based in counties
that are predominantly rural,
with populations of fewer than
50,000 residents.
ith few exceptions, community banks face many of the same challenges
of comprehensive compliance management as do resource-laden
megabanks and tax-advantaged credit unions. The resources community banks
use to meet these challenges-human, electronic or otherwise-add up.
Nearly two-thirds of community bank executives plan to maintain their
compliance budgets this year, and another 31.4% say their compliance budgets
will go up 5% or more, according to Independent Banker's Community Bank
CEO Outlook survey.
Of course, community banks want to limit these costs as much as possible so
they can focus on serving their communities, upholding regulatory and industry
standards, and achieving their business goals.
So, when it comes to compliance challenges, how can community banks
mitigate-or conquer-them?
W
While community banks
headquartered or with branches
in less populated, more rural
communities have plenty of benefits
to attract employees-an often
higher quality of life and lower cost
of living-there may naturally be a
smaller talent pool or pipeline for
recruiting well-qualified compliance
staff, making recruitment efforts and
training critical.
Community banks, regardless
of location, can rely on various
training tools, including live virtual
22 Q ICBA Independent Banker Q April 2021
Illustration by Elwood Madison/Stocksy

Independent Banker - April 2021

Table of Contents for the Digital Edition of Independent Banker - April 2021

Table of Contents
Independent Banker - April 2021 - Cover1
Independent Banker - April 2021 - Cover2
Independent Banker - April 2021 - Table of Contents
Independent Banker - April 2021 - 2
Independent Banker - April 2021 - 3
Independent Banker - April 2021 - 4
Independent Banker - April 2021 - 5
Independent Banker - April 2021 - 6
Independent Banker - April 2021 - 7
Independent Banker - April 2021 - 8
Independent Banker - April 2021 - 9
Independent Banker - April 2021 - 10
Independent Banker - April 2021 - 11
Independent Banker - April 2021 - 12
Independent Banker - April 2021 - 13
Independent Banker - April 2021 - 14
Independent Banker - April 2021 - 15
Independent Banker - April 2021 - 16
Independent Banker - April 2021 - 17
Independent Banker - April 2021 - 18
Independent Banker - April 2021 - 19
Independent Banker - April 2021 - 20
Independent Banker - April 2021 - 21
Independent Banker - April 2021 - 22
Independent Banker - April 2021 - 23
Independent Banker - April 2021 - 24
Independent Banker - April 2021 - 25
Independent Banker - April 2021 - 26
Independent Banker - April 2021 - 27
Independent Banker - April 2021 - 28
Independent Banker - April 2021 - 29
Independent Banker - April 2021 - 30
Independent Banker - April 2021 - 31
Independent Banker - April 2021 - 32
Independent Banker - April 2021 - 33
Independent Banker - April 2021 - 34
Independent Banker - April 2021 - 35
Independent Banker - April 2021 - 36
Independent Banker - April 2021 - 37
Independent Banker - April 2021 - 38
Independent Banker - April 2021 - 39
Independent Banker - April 2021 - 40
Independent Banker - April 2021 - 41
Independent Banker - April 2021 - 42
Independent Banker - April 2021 - 43
Independent Banker - April 2021 - 44
Independent Banker - April 2021 - 45
Independent Banker - April 2021 - 46
Independent Banker - April 2021 - 47
Independent Banker - April 2021 - 48
Independent Banker - April 2021 - 49
Independent Banker - April 2021 - 50
Independent Banker - April 2021 - 51
Independent Banker - April 2021 - 52
Independent Banker - April 2021 - 53
Independent Banker - April 2021 - 54
Independent Banker - April 2021 - 55
Independent Banker - April 2021 - 56
Independent Banker - April 2021 - 57
Independent Banker - April 2021 - 58
Independent Banker - April 2021 - 59
Independent Banker - April 2021 - 60
Independent Banker - April 2021 - 61
Independent Banker - April 2021 - 62
Independent Banker - April 2021 - 63
Independent Banker - April 2021 - 64
Independent Banker - April 2021 - 65
Independent Banker - April 2021 - 66
Independent Banker - April 2021 - 67
Independent Banker - April 2021 - 68
Independent Banker - April 2021 - 69
Independent Banker - April 2021 - 70
Independent Banker - April 2021 - 71
Independent Banker - April 2021 - 72
Independent Banker - April 2021 - 73
Independent Banker - April 2021 - 74
Independent Banker - April 2021 - 75
Independent Banker - April 2021 - 76
Independent Banker - April 2021 - 77
Independent Banker - April 2021 - 78
Independent Banker - April 2021 - 79
Independent Banker - April 2021 - 80
Independent Banker - April 2021 - Cover3
Independent Banker - April 2021 - Cover4
https://www.nxtbook.com/mspc/independentbanker/november2024
https://www.nxtbook.com/mspc/independentbanker/october2024
https://www.nxtbook.com/mspc/independentbanker/september2024
https://www.nxtbook.com/mspc/independentbanker/august2024
https://www.nxtbook.com/mspc/independentbanker/july2024
https://www.nxtbook.com/mspc/independentbanker/june2024
https://www.nxtbook.com/mspc/independentbanker/may2024
https://www.nxtbook.com/mspc/independentbanker/april2024
https://www.nxtbook.com/mspc/independentbanker/march2024
https://www.nxtbook.com/mspc/independentbanker/february2024
https://www.nxtbook.com/mspc/independentbanker/january2024
https://www.nxtbook.com/mspc/independentbanker/december2023
https://www.nxtbook.com/mspc/independentbanker/november2023
https://www.nxtbook.com/mspc/independentbanker/october2023
https://www.nxtbook.com/mspc/independentbanker/september2023
https://www.nxtbook.com/mspc/independentbanker/august2023
https://www.nxtbook.com/mspc/independentbanker/july2023
https://www.nxtbook.com/mspc/independentbanker/june2023
https://www.nxtbook.com/mspc/independentbanker/may2023
https://www.nxtbook.com/mspc/independentbanker/april2023
https://www.nxtbook.com/mspc/independentbanker/march2023
https://www.nxtbook.com/mspc/independentbanker/february2023
https://www.nxtbook.com/mspc/independentbanker/january2023
https://www.nxtbook.com/mspc/independentbanker/december2022
https://www.nxtbook.com/mspc/independentbanker/november2022
https://www.nxtbook.com/mspc/independentbanker/october2022
https://www.nxtbook.com/mspc/independentbanker/september2022
https://www.nxtbook.com/mspc/independentbanker/august2022
https://www.nxtbook.com/mspc/independentbanker/july2022
https://www.nxtbook.com/mspc/independentbanker/june2022
https://www.nxtbook.com/mspc/independentbanker/may2022
https://www.nxtbook.com/mspc/independentbanker/april2022
https://www.nxtbook.com/mspc/independentbanker/march2022
https://www.nxtbook.com/mspc/independentbanker/february2022
https://www.nxtbook.com/mspc/independentbanker/january2022
https://www.nxtbook.com/mspc/independentbanker/december2021
https://www.nxtbook.com/mspc/independentbanker/november2021
https://www.nxtbook.com/mspc/independentbanker/october2021
https://www.nxtbook.com/mspc/independentbanker/september2021
https://www.nxtbook.com/mspc/independentbanker/august2021
https://www.nxtbook.com/mspc/independentbanker/july2021
https://www.nxtbook.com/mspc/independentbanker/june2021
https://www.nxtbook.com/mspc/independentbanker/may2021
https://www.nxtbook.com/mspc/independentbanker/april2021
https://www.nxtbook.com/mspc/independentbanker/march2021
https://www.nxtbook.com/mspc/independentbanker/february2021
https://www.nxtbook.com/mspc/independentbanker/january2021
https://www.nxtbook.com/mspc/independentbanker/december2020
https://www.nxtbook.com/mspc/independentbanker/november2020
https://www.nxtbook.com/mspc/independentbanker/october2020
https://www.nxtbook.com/mspc/independentbanker/september2020
https://www.nxtbook.com/mspc/independentbanker/august2020
https://www.nxtbook.com/mspc/independentbanker/july2020
https://www.nxtbook.com/mspc/independentbanker/june2020
https://www.nxtbook.com/mspc/independentbanker/may2020
https://www.nxtbook.com/mspc/independentbanker/april2020
https://www.nxtbook.com/mspc/independentbanker/march2020
https://www.nxtbook.com/mspc/independentbanker/february2020
https://www.nxtbook.com/mspc/independentbanker/january2020
https://www.nxtbook.com/mspc/independentbanker/december2019
https://www.nxtbook.com/mspc/independentbanker/november2019
https://www.nxtbook.com/mspc/independentbanker/october2019
https://www.nxtbook.com/mspc/independentbanker/september2019
https://www.nxtbook.com/mspc/independentbanker/august2019
https://www.nxtbook.com/mspc/independentbanker/july2019
https://www.nxtbook.com/mspc/independentbanker/june2019
https://www.nxtbook.com/mspc/independentbanker/may2019
https://www.nxtbook.com/mspc/independentbanker/april2019
https://www.nxtbook.com/mspc/independentbanker/march2019
https://www.nxtbook.com/mspc/independentbanker/february2019
https://www.nxtbook.com/mspc/independentbanker/january2019
https://www.nxtbook.com/mspc/independentbanker/december2018
https://www.nxtbook.com/mspc/independentbanker/november2018
https://www.nxtbook.com/mspc/independentbanker/october2018
https://www.nxtbook.com/mspc/independentbanker/september2018
https://www.nxtbook.com/mspc/independentbanker/august2018
https://www.nxtbook.com/mspc/independentbanker/july2018
https://www.nxtbook.com/mspc/independentbanker/june2018
https://www.nxtbook.com/mspc/independentbanker/may2018
https://www.nxtbook.com/mspc/independentbanker/april2018
https://www.nxtbook.com/mspc/independentbanker/march2018
https://www.nxtbook.com/mspc/independentbanker/february2018
https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
https://www.nxtbook.com/mspc/independentbanker/september2017
https://www.nxtbook.com/mspc/independentbanker/august2017
https://www.nxtbook.com/mspc/independentbanker/july2017
https://www.nxtbook.com/mspc/independentbanker/june2017
https://www.nxtbook.com/mspc/independentbanker/may2017
https://www.nxtbook.com/mspc/independentbanker/april2017
https://www.nxtbookmedia.com