The creation of Consumer Financial Protection Bureau and an emphasis from all regulators on unfair, deceptive, or abusive acts and practices has created new staffing demands. “Banks are scrambling to find compliance personnel with expertise in consumer protection law,” writes American Banker’s Andy Peters.
"UDAAP is the area of consumer protection that's causing banks the most consternation," says Kathlyn Farrell of Treliant Risk Advisors. "Give your compliance officers a raise,” advises her colleague Joanne Barefoot.
Regional banks have been stealing hires away from larger banks, according to Tom Watkins of Chartwell Partners, because that's where most of the experience has been.
"There's not a huge talent pool, but every single financial institution has to have someone who can directly answer these issues," says Jeanne Branthover of Boyden Global Executive Search.
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