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In Pursuit of Fees, Small Banks Are Running Afoul of Examiners
By Kieran Beer
printThe push by community banks and other financial institutions to generate fee income with new products is causing some institutions to run afoul of their examiners, according to federal banking regulators. Banks are getting into trouble with their examiners because they've launched remote deposit capture and other payment products that "their systems haven't been updated to handle," said John Wagner, the Office of the Comptroller of the Currency's director of Bank Secrecy Act (BSA) compliance. We see "lines of business moving out into different products without BSA or consumer compliance being involved," he said. Wagner's comments, in response to a...
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