FICAP Gains Momentum as Financial Industry's Compliance Firewall

Tampa Bay, Florida, March 3, 2016 (Newswire.com) - ​​​​​​​​The financial industry is among the most highly regulated industries in the United States.  Federal Regulatory and Risk Management Compliance continue to be major topics among Financial Institution (FI) executives and management.  With the introduction of Dodd-Frank, bankers face some 12,000 pages of new or expanded regulations.  Even more rules are being rolled out as they are finalized years after Dodd-Frank's passage, creating a climate of uncertainty as ongoing regulatory compliance development and implementation occurs.  One result is a new level of managerial burden that requires extra staff time, expertise and significant expense.  Another result is that regulatory compliance is pulling financial institutions away from their core activities of customer and community service. 

An efficient and cost effective answer has been developed to reduce the burden and expense of regulatory compliance.  The Financial Institution Compliant Appraisal Practice (FICAP) system is gaining national prominence as “the compliance solution”.  Along with FICAP’s exclusive technology, its nationally recognized compliance, review and risk management professionals provide setup, training and on-going support for each client. 

"Cheryl and Ralph are a natural fit for this year's FBA Consumer Compliance Seminar,". "They both offer volumes of information and experience with the most current compliance issues facing our banking members."

Peter Brokaw, Senior V.P. of the Florida Bankers Association

The Florida Banker’s Association (FBA) has invited FICAP Chief Compliance Officer, Cheryl Bella, MAI, AI-GRS and FICAP National Appraisal Review Panel Chair, Ralph Griffin, MAI, AI-GRS to speak at its 31st Annual Consumer Compliance Seminar in Orlando on April 6-8 at the Florida Hotel and Conference Center.

“Cheryl and Ralph are a natural fit for this year’s FBA Consumer Compliance Seminar”, noted Peter Brokaw, Senior V.P. of the Florida Bankers Association. “They both offer volumes of information and experience with the most current compliance issues facing our banking members.”

The FICAP team will begin their two-part presentation with “Managing Risk in Analyzing the Appraisal Order and Review”.  This will cover current federal regulations and the impact on appraisal order, receipt and review of the appraisal for a financial institution while offering policy and procedure development guidelines; including critical information regarding typical appraisal issues noted by examiners. Part 2 will explain the importance of “Quality Assurance Reviews” in the risk management process, demonstrating how FICAP provides the most common sense and economical solution for financial institutions seeking to maintain control over the appraisal process while staying regulatory compliant.

During a “safety and soundness” examination, FDIC examiners assess the appropriateness of an institution’s valuation program, paying particular attention to the “Appraisal Policy”, “Procedures”, “Order and Review Process”, “Staff and Appraiser Independence” and quality of reviews. FICAP helps institutions in surpassing the examination key points. The FICAP system includes regulatory compliant forms and establishes clean lines of independence allowing pertinent information to flow from the lender to the appraisal officers ensuring the best appraisal product is obtained from the most qualified appraiser.  FICAP’s icing on the cake is that every client is provided a qualified FICAP compliance officer to assist in policy, procedure development, and more.

Enforcement of federal regulations is an ongoing reality in the banking world and examiners are taking an even closer look at FI appraisal practices and oversight. FICAP was created by highly qualified Founding Members of the Designated Appraiser Coalition (DAC) in order to provide the most efficient, comprehensive and cost effective solution to compliance.  The FICAP system focuses on risk management and regulatory compliance, allowing for efficient and timely ordering of appraisals while assisting in compliance with these regulations.  The system also provides a means of storing appraisals and orders that allows banks to search for data to assist in both pre and post lending decisions.  Utilizing the obtained appraisal information is crucial for risk management.

The Florida Bankers Association introduced the first Consumer Compliance Seminar in 1985 to assist the many bankers exposed to the “new” discipline of regulatory and consumer compliance examinations.  Now in its 31st year, the 2016 program provides both a focus on regulatory change, as well as a look at critical compliance thinking.  Click here for more information regarding the Florida Bankers Association seminar.

More information about FICAP and DAC systems is available on the organization’s websites:  

FICAP website | www.ficapusa.com
DAC website   | www.valuelynk.com

To schedule an interview with a FICAP team member, or for more information, call James Breitbeil at (813) 786-8284 or email [email protected].