EAP works closely with the Board of Directors and management to develop and execute plans to address deficiencies identified by regulators by enhancing compliance, improving credit and enterprise risk management practices as well as addressing liquidity and capital needs. We utilize a broad, enterprise-wide approach to assist institutions with lasting improvements, including training the Board and management and key employees.
Our team is uniquely qualified in regulatory matters and can help with:
- Strategizing on most effective approach to regulators on regulatory orders, restructurings, portfolio deterioration or restatements
- Guidance on improving relationship with regulators
- Interpretation and response to recent regulatory reports and findings, including any orders or directives issued by regulators
- Applications and regulatory approval for new board members or senior executives
- Review of departure payments for compliance with the FDIC's golden parachute regulations
- Notices & applications seeking permission for new investment areas, products or activities
- Review and update of policies and procedures to ensure compliance with regulatory guidelines
- Assist with development of reports of compliance for regulatory orders and agreements
- Decoding regulatory language
2021 will bring by far the most significant changes in BSA/AML since the passage of the PATRIOT Act. There are new opportunities for increased effectiveness and greater efficiency in monitoring and reporting. Recently passed legislation will present challenges related to beneficial ownership reporting by certain customers but may also provide avenues for financial institutions to reprioritize objectives and shift resources. Financial institutions should review their strategic plans now in preparation for the approaching transformation of the BSA/AML regime. The level of expected engagement and partnership with law enforcement in fighting financial crime will demand increased focus.
EAP has a core team of over 20 professionals with specialized expertise, as well as an extensive network of industry connections, and provides top quality solution identification and execution to address any combination of challenges a client may face.