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Don’t regret your decisions – prepare for the compliance impact

Mar 02, 2020
By: Shelley Foster
Financial Institutions

Have you ever made a decision you later regretted? 

When the shingles vaccine first came out in 2006, my parents were 61 and 57. The vaccine was recommended only for people who were 60 or older and wasn’t widely advertised. Five years later, a new version of the vaccine came out and was recommended for people who were 50 and older. 

At that time, both of my parents were in their 60s and retired. 

Instead of talking to their doctor or pharmacist, they talked to friends and coworkers about whether or not to get the vaccine. They also did a quick Google search. They found that the shot was expensive, the likelihood of getting shingles was low and the vaccine would likely not help prevent them from getting shingles.  

As a result, they opted to take their chances and not get vaccinated. 

Fast forward to 2019 when my dad ended up getting shingles. Not only did he get it, but he’s one of the rare 20% for whom the shingles occurred in more than one area of his body. 

We make decisions every day, from what to make for dinner to where to go for vacation.

Decisions like dinner choices are easy and do not have many negative consequences. If I decide to make pasta for dinner and my husband wanted steak, it isn’t going to have a big impact on us. 

Other decisions, such as whether or not to get the shingles vaccine, can have significant consequences. My parents saved themselves the cost of the vaccine, but they now have had extra medical expenses for treating shingles. Plus, the constant pain has negatively impacted my dad’s daily life because he is unable to do many of the activities he used to do.  

Now that my dad is living with the daily pain and my parents have learned more about the vaccine, they wish they would have made a more informed decision after discussing the benefits and side effects with a doctor. That way they could have made their decision based on medical research and studies rather than what they read online and heard from friends.  

People at your institution are faced with decisions every day as well. 

Sometimes it’s an easy decision, like which pens to order for customers to use. Other decisions are more difficult, such as what software vendor to use or whether to allow customers to open accounts online. 

When faced with a tough decision, reaching out to a professional can be very advantageous because even the brightest people need help sometimes. 

When you’re faced with a decision that seems outside your wheelhouse, we can help. 

Perhaps you’re considered a small entity for HMDA purposes but are considering reporting the full LAR instead of taking advantage of the exemption; you may need some guidance to make that decision. Or possibly you’ve been looking at merging with another institution but doing so will put you over the $500 million threshold. Because this would result in additional audit requirements and potential FDICIA impact, you may need some guidance to help make a more informed decision. 

It could also be that several members of senior management are looking to retire in the near future and you need advice on setting up a succession plan. 

Whatever your concerns are, our professionals are here to provide guidance and advice for your specific situation.  

For assistance with your concerns, please contact your trusted Wipfli advisor. Don’t make a decision you’ll later regret.


Shelley Foster, CRCM, CCBIA
Senior Manager, Internal Audit and Regulatory Compliance
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