When the COIVD19 pandemic forced businesses to operate virtually, bank examinations moved into cyberspace.
This change likely will last beyond the pandemic, so bankers need to figure out how to be effective in this new environment. For institutions involved in non-traditional businesses like prepaid issuing, the problems of effectively conveying information and answering questions from examiners can be more complicated if they need to explain a new type of business.
IPA member Bancorp has successfully navigated virtual exams, and in this episode, we talk with Mandi Lermond, the director and chief of staff, and Mike Althouse, the chief compliance officer about the lessons they have learned, and the best practices they have uncovered. For them, the most important exam question, both internally and externally has been “how goes it?” Find out why.
They have also written an article for the ABA Compliance Journal that explores these topics in more detail. You can find that article here: Navigating Virtual Examinations | ABA Banking Journal
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