Procrastination is an affliction that can strike even the finest of bankers. And just like the student scribbling algebra homework on the bus ride to school, many bankers are going to be scrambling over the next month-and-a-half to get compliant with the U.S. FACT Act Red Flags rule.
The Nov. 1 compliance deadline is looming and many community bankers have yet to push their efforts into overdrive. In a recent survey conducted by research firm Gartner, 60 percent of respondents deemed themselves to be compliant, though more big banks were compliant than small. Sources say that 50-percent compliance for community banks seems accurate.
Orlando, FLs Old Southern Bank, which has $250 million in total assets, turned to Compliance Coach in the first quarter …
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