Recent Changes
AllSafe Bank is currently operating in a very challenging regulatory environment that is impacting the entire financial services industry. Because of the challenging economy and well-publicized banking failures, regulators have become much more rigorous in examinations and are increasingly conservative in the approaches they will accept.
In view of COVID-19, the market conditions are worsening.
Additionally, previously collegial regulators sometimes appear adversarial and confrontational. Regulations that used to take months to develop are now changed quickly by regulatory agencies. Additionally, numerous law revisions are being debated in parliament that could further change the regulatory landscape and impact AllSafe Bank’s lending operations.
While regulators share the bank focus on providing exceptional service to customers, they appear less accepting of innovations they feel may increase AllSafe Bank’s risk profile. As innovative approaches have enabled success in the past, AllSafe Bank is challenged to be able to leverage innovation while still maintaining full compliance with regulatory requirements and examiners’ interpretation of requirements
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However, AllSafe Bank has retained its focus on innovation in other (non-regulatory) areas. Click left button to review the main summary of BCM guidelines mandated by the monetary authority. | |
