Banking on a Future Beyond Compliance — Maryann Bruce
I was interviewed for the newest edition of NACD Directorship magazine, by Mandy Wright. The new issue explores the disruptive issues faced by boards in the energy, financial services, and health-care industries. My contribution is in the financial services chapter, ‘Banking on a Future without Compliance’, next to Christa Steele and Lance Drummond.
Maryann Bruce is watching for overregulation. While she is equally concerned with the implementation of the new Current Expected Credit Losses (CECL) standard and the discontinuation of LIBOR, she looks at regulation as increasingly fragmented along state and local levels, juxtaposed with federal laws. In her view, the consequences could be immense: greater regulation could unintentionally create roadblocks and limit the progress of the now Fourth Industrial Revolution.
“We are already witnessing the fracturing of US data privacy regulation with California’s new Consumer Privacy Act, which went into effect on Jan. 1 and becomes enforceable on July 1,” said Bruce, an independent director of Amalgamated Bank and former independent director of Atlanta Life Financial Group and MBIA, as well as a former trustee of Allianz Global Investors Fund Management and PNC Funds. “If every state adopts their own unique privacy regulation, it will hamper all businesses’ ability to grow and prosper.”
Read more from Maryann.