not so unusual, perhaps

Reader comment on: Savings Bank Names New President
in response to reader comment: Death by regulation

Submitted by Daniel Skolnick (United States), Oct 21, 2012 15:02

Once a bank attracts regulatory scrutiny, making a personnel move to bring someone in who has experience dealing with regulators has the benefit of showing the regulators that you're taking the exam results seriously. It's also helpful to have someone on board who may have personal relationships with the regulator in question. It may be unusual for the bank president to be so touted as opposed to a compliance officer, but at such a small bank the president has a more active role in compliance matters. As someone who works in bank compliance technology, I have long note that former regulators are in very high demand both at banks and at professional services firms that assist banks during times of regulatory duress. It would be fair to say that no credential is more highly valued in this area than having done some time at a federal regulator.

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