Today's small banks are faced with even more daunting tasks in an effort to remain compliant and profitable. With the passage of the Gramm-Leach-Bliley Act of 1999, small community banks are being forced to review their security posture, which historically has tended to be limited in scope and effectiveness. This report will focus on the requirements that are mandated in the legislation as well as the interpretation by federal regulatory agencies such as the FDIC and OCC. We will then discuss what actions community banks can take today to obtain compliance as well as addressing the potential impact on current pending legislation. Even though the effective date for compliance has passed, there are still banks in the market today that have not yet completed the minimum set of requirements and are grappling with how to quickly and effectively satisfy the requirements.
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