During a recent compliance examination, regulators cited the bank for violations of various marketing regulations. How should the compliance professional FIRST respond?

Question

Quizplus · Accepted Answer

The compliance professional should first review the marketing materials and regulations to verify the finding before taking any actions. This will help to ensure that the bank is actually in violation of the marketing regulations, and will help to identify any additional areas of noncompliance. Once the compliance professional has verified the findings, they can then take appropriate steps such as contacting the marketing manager, developing a policy, or setting up a training class. However, it is important to first understand the scope and severity of the violations before taking any actions.

During a Recent Compliance Examination, Regulators Cited the Bank for Violations