Dodd-Frank Act is No Straight Shot

originationnews reports banks under the $10 billion threshold for compliance with the ever-shifting Dodd-Frank Act are unsure of which aspects of the measure apply to them, and are outsourcing because their own IT departments cannot keep track of the provisions that are delayed and/or rewritten. Cashmere Valley Bank in Washington state, with assets of $1.2 billion, has hired a managed compliance service, ATTUS Technologies, to review updates on new rules and current compliance plans regarding mortgage regulatory changes, underwriting standards, and vendor management. The Bank of Marion, in Illinois, with $334 million in assets has turned to Continuity Controls for help with compliance. As MHProNews has learned, Sue Ozburn of Cashmere says, “The legislation brings about many provisions that community banks have to evaluate to determine where they apply. I don’t think Dodd-Frank was intended to apply to every bank, it was more aimed at the larger banks. But we believe the examiners will enforce the law on community banks,” Ozburn says.

(Image credit: Dean Hayes)

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