A reader asked recently, “What's the best way for a financial institution to learn about the actual results of the first wave of audits? Are you aware of any industry working groups that will evaluate the results? Or will the regulatory agencies publish any information that will provide guidance as their experience evolves?”
Currently, it is unclear which specific forums will be used to disseminate aggregate industry results following the first wave of audits. In my opinion, there will be no shortage of coverage on the topic in early to mid 2009. Commentary is likely to emanate from:
1. Trade groups (such as the Financial Services Roundtable, the American Bankers Association or the National Credit Union Association).
2. Conference panels of financial institutions and their counsel who have survived an audit.
3. On-going, written statements from financial regulatory agency officials.
4. Results of enforcement actions, if any, that might come from regulatory agencies.
Currently, it is unclear which specific forums will be used to disseminate aggregate industry results following the first wave of audits. In my opinion, there will be no shortage of coverage on the topic in early to mid 2009. Commentary is likely to emanate from:
1. Trade groups (such as the Financial Services Roundtable, the American Bankers Association or the National Credit Union Association).
2. Conference panels of financial institutions and their counsel who have survived an audit.
3. On-going, written statements from financial regulatory agency officials.
4. Results of enforcement actions, if any, that might come from regulatory agencies.
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