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Compliance Superhero

Hear from our Heroes!

Xavier Holland
June 25, 2024
We’ve compiled advice on running a successful compliance program, as well as the biggest industries focuses in the next 1-2 years.

In our compliance superhero series, we highlight professionals who are doing amazing work in the compliance space. It’s a great opportunity for us not just to learn more about what makes them stand out, but also to get insight from experts who are working in the industry, day-in and day-out.

We’ve compiled their biggest pieces of advice on running a successful compliance program, and polled them on what they think is going to happen in the compliance space in the next 1-2 years. Here’s what they had to say.

What’s your biggest piece of advice for a successful compliance program?

Stephanie Baumann, Compliance Risk Manager at Mercury: Focus on building relationships. I spend a lot of time building those relationships between compliance and the other parts of our business, because we all ultimately have the same goal. I’ll let them know if we’re restricted from doing something, but I don’t like to just say “no,” I’ll give some examples or inspiration for alternatives as well.

Annia Prado, Compliance Manager at Marqeta: Appreciate that not all audiences understand compliance and sometimes you must meet them where they are so that they can understand how compliance does impact them at the end of the day. Being able to properly explain regulatory requirements in simple terms is a soft skill necessary for any compliance team.

Nicole Pullman, Marketing Compliance Manager at Central Payments: There are multiple facets to a really good compliance program, but from my experience, I’d say that education and communication are vital. Stay up-to-date on regulations. Know what’s going on in the industry. Subscribe to podcasts, read newsletters, read blogs, take advantage of the many many fantastic free webinars out there from experts in the space. Don’t hoard key information: pass along the crucial information that managers and analysts need to do their jobs.

Julie Tucker, Compliance Manager at Sutton Bank: Surround yourself with knowledge. Knowledge is power, and obtaining more can only help you be better at your job. That’s why I sign up for so much content from PerformLine, as well as newsletters, and articles, and any research I can get my hands on. I can go through it all every morning, and see what people are saying about UDAAP, and other regulations, and really feel like I understand the landscape so much better. Never stop learning.

Chelsea Hefferly, Digital Marketing Compliance Analyst at Movement: Clear communication is key!

Tina Gallagher, Senior Quality Assurance Associate at Upstart: Know the “why” of compliance and understand how complying (or not complying) can affect the consumer. If you know the why, you have a greater chance of explaining the importance in a way that agents and consumers alike can more easily understand.

Ghafton Owens, Compliance Analyst at Guild Mortgage: Listen more than you speak. We were given two ears and one mouth, and I try to listen twice as much as I talk. Also, the questions you ask are as important as the answers you get: if you’re not getting a good answer, you might not be asking the right question. Do your due diligence and research alternative ways to ask the question moving forward.

What do you see happening in the compliance space in the next 1-2 years?

Stephanie: We’re definitely on the lookout for upcoming fintech regulations, as well as tighter restrictions surrounding fintech and bank partnerships. I’ve also been keeping an eye out for news on dark patterns, which has been fun to learn about and keep up on.

Annia: BaaS and fintech partnerships are going to continue to evolve and regulatory scrutiny is going to grow. It has been very interesting and exciting to be in the fintech space and see the growth from the inside out. The regulatory landscape continues to change and adapt as technology advances and areas like Artificial Intelligence take off. It will be interesting to see how regulations catch up to the technology being used in today’s time.

Nicole: I see regulatory scrutiny and enforcement actions materially increasing. Banking-as-a-Service banks with fintech tie ups will be under the microscope as regulators get a handle on BaaS. I think we’ll also see the CFPB and other agencies continue their emphasis on consumer protection using UDAAP as a basis for rule-making and non-rulemaking guidance.

Julie: The CFPB has come out and said that they’re going to be scrutinizing non-bank companies, and because we work with so many of that type of entity, we’re going to have to be ready. Everything they do is customer-driven, and we’re going to have to work within those boundaries to ensure that customers are never harmed or misled by the material we put out there.

Chelsea: I think there will be a very large “crack down” on video related content. We all know that every major social platform has the option to create and/or upload short and long form video content. This content gets shared and goes viral so easily now!

Do you agree with the opinions of our compliance superheroes? Want to add your voice to the mix? We’ve always got room for more superheroes on our team so contact us and get involved!

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