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“What Was That You Said...A Compliance Examination?”
August 28, 2017
Colin M. Roopnarine
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Administrative Law, Bank Governance, Bank Regulatory, compliance examinations, financial institutions, Government and Regulatory, Government Legislation, Government Permitting and Licensing, State & Local Government, State of Florida Office of Financial Regulation
Webster’s New World College Dictionary defines “compliance” as, “a complying with or giving in to a request, wish, or demand; acquiescence” or “a tendency to give in readily to others.” The term “compliance” however carries a very specific meaning for financial institutions, and generally refers to the fact that financial institutions must comply with state and federal law. Compliance examinations are the primary means for the state and federal regulators to determine violations of laws and regulations, and the strength of the institution’s compliance program.