Section 1071: Management & Board Intersection

When it comes to your Section 1071 implementation plan, it’s crucial that you don’t forget about your Management and Board. While they might not be in on the ground level sifting through the requirements and figuring out how you are going to comply, they do need to have a general awareness of not only the requirements but what it’s going to take to get you to full compliance. Give them a 10,000-foot view and keep it simple. Depending on your institution’s size and the makeup of your Board, will likely dictate where you go from there as some Boards will want to be more involved than others.

Jerod explains more in the video.

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Jerod Moyer

Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!

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