In the News October 26, 2015

Bank Director Quotes Cliff Stanford on Banking Industry Culture

Regulators are increasingly monitoring the banking industry’s culture in the wake of Dodd-Frank and other regulations.

Cliff Stanford, chair of Alston & Bird’s Bank Regulatory Group, says he is asked questions about culture from banks he works with, typically as part of a conversation about a bad result on an exam, such as a matter requiring attention.

“If there is an open, transparent sensibility about issues and concerns, regulators can see that,” Stanford says. “They can see if there is just a bunch of words on paper, but if they really dig, there are problems in particular business lines, reports on allocations of resources. Just by talking to people they can get a sense of what’s going on.”

Stanford estimated that it would probably take five years to bring about a change in a bank’s culture.
Media Contact
Nicholas Clarke
Senior Communications Manager
Phone: 212.210.1222
This website uses cookies to improve functionality and performance. By continuing to browse this site, you are consenting to the use of cookies on this website. For details, see our Privacy Statement