DAY ONE OF ABA RCC

The American Bankers Association Regulatory Compliance Conference is in full swing. We have many members in attendance and yesterday was the first of four compliance packed days for them. Here’s some of the feedback we received from our Compliance Masters Group members on Sunday (day one of the conference).

Our members reported that they are thrilled with Washington D.C. as the location of the conference this year. One member made an excellent point that Washington, D.C. is appropriate, since it is where all the rules financial institutions must comply with are written and passed.

Transportation and weather both seemed to be cooperating yesterday upon their arrival in Washington, D.C. There were no noted flight delays and traffic ran smoothly. The weather was hot with spotty rain, but nothing out of the ordinary.

The host hotel, the Washington Marriott Wardman Park Hotel, is conveniently located within walking distance of Connecticut Ave, which has a lot of diverse restaurants, and just down the street from the metro station. Our members report the hotel is grand and beautiful. Members are reporting that meeting facilities are a little bigger than last year.  The ballroom where they are having the General Sessions is big and with large screens. However, the from the additional balcony seating in the ballroom attendees cannot see the screens on the lower level. Sound is very good this year and the facilities are comfortable.

The votes for Best session of the day on Sunday went to Compliance Management Systems (CMS) – Does One Size Fit Most, Lotteries and Contests and Sweepstakes – Oh My! and More than Getting the New HMDA Changes Right. Compliance Management Systems – Does One Size Fit Most seemed to be valued most by our members. Members reported that the CMS session discussed the changes that the panelists have made to their programs in the new regulatory environment and the three Lines of Defense (frontline/business unit, compliance/internal controls and audit). One member noted that the CMS panelist discussed accountability placed on the first line of defense, including “compliance goals” which have impact on their incentives and pay.

With all of this, our members still found time to kick the week of right with some sightseeing. A few members arrived early and were able to visit Arlington National Cemetery before the sessions began. Another member took a three hour “Twilight Tour” on a double-decker bus to see many of the monuments, some of which included the White House, the Lincoln Memorial, Vietnam Memorial and the Marine Corps Iwo Jima Memorial.

It’s going to be a busy week at the ABA Regulatory Compliance Conference, but it’s off to a great start.

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