Bankers Beware: OCC Encourages Small Banks To Collaborate
Law360, New York (February 23, 2015, 10:18 AM EST) -- On Jan. 13, 2015, the Office of the Comptroller of the Currency released a paper strongly encouraging community banks to consider ways in which they can collaborate to reduce costs, promote expertise and enhance efficiencies. According to the paper, community banks have expressed concerns about increasing regulatory compliance requirements, competition from larger banks, and challenges in providing competitive products. Recognizing these concerns, the OCC recommends that community banks seek opportunities to share resources and expertise for their mutual benefit. As examples, the OCC identifies collaborative efforts such as sharing back office operations, establishing a compliance consortium, or collaboration on offering a...
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