Regulatory Feedback Initiative

The South Dakota Bankers Association has joined with bankers associations across the country to create the Regulatory Feedback Initiative (RFI). This initiative, created by the Coalition of Bankers Associations, will bring transparency and accountability to the regulatory process and will help every bank in the country prepare for their examinations and manage their regulatory risk.

The Regulatory Feedback Initiative consists of a confidential electronic survey where banks can anonymously provide details on their most recent examination or visitation. The information will be aggregated and analyzed on a national level so we can begin to identify discrepancies in how bank regulations are being enforced.

Most importantly, banks will be able to request a report from their State Bankers Association that summarizes the feedback of similarly situated banks to help them prepare for an upcoming exam.

About the Survey

The survey is an online survey administered by an independent, third party with a track record in collecting anonymous feedback from bank customers and employees (Allegiance, Inc.). The survey is completely anonymous and because the data is only available in aggregate form, there is no way it can be tracked back to your institution.

The resulting database of examination experiences will be a powerful resource for the entire industry. We will be able to prepare a custom “Exam Preparation Report” for individual banks which will include a summary of all the reports filed by similarly situated banks (i.e. asset size, primary regulator, region, etc.).

The database will also be a powerful tool we can use to identify regulatory problems as they are happening so we can work with the various regulatory agencies to make necessary changes in the examination process. We have met with each regulatory agency, they have reviewed the surveys and are interested in information it will provide.