Virtual Compliance Consultant (VCC)

The Virtual Compliance Consultant Program is an annual membership to all the invaluable compliance tools and services that Young & Associates, Inc. has to offer. It is as if you will have one of our compliance consultants right there at your financial institution to walk you through all the important changes and developments!

VCC Membership (basic) includes the following:

  • Compliance Coaching. A monthly telephone conference call between your bank (you choose the person or team members to participate) and a Young & Associates compliance consultant to discuss any compliance related items (length will vary depending on your bank’s needs and regulatory changes. Monthly calls will generally be limited to one hour).
  • Discounts on Professional Fees (consulting, reviews, and audits).
  • Compliance Products and Policies. Availability of all Young & Associates, Inc. compliance products and policies, including updates, at no charge, as they become available.
  • Compliance Policy Review and Updates. Review and submission of compliance policies based on your bank’s policy review submission schedule. For example: assuming your bank’s Regulation B policy is due for Board approval in June, in May you will either receive an updated version of your bank’s policy (if you use Young & Associates’ policy set), or a checklist for updating the bank’s policy so that you can have it ready for the June meeting.
  • Automatic Updates to All Compliance Policies. If your bank uses Young & Associates’ policies, and they change at any time during the year in a way that would require resubmission of the policy to the Board, we will update your policies for you, and send them to you for resubmission. If your bank does not use Young & Associates’ policy set, we will inform you of needed changes.
  • Regulatory Manuals. Your bank will have 24-hour access to all of Y&A’s compliance training manuals. We have a compliance training manual written for virtually all Federal consumer protection regulations. More manuals are being added and they will be updated on an on-going basis.
  • Compliance Blog. A weekly compliance blog for VCC members.
  • On-line Forum A forum to post questions and comments. A Young & Associates consultant responds to all questions. The Q&A’s are organized by regulation / topic.

The pricing for the VCC (basic) service is based on your bank’s asset size at the time of your acceptance of the VCC program. Your VCC asset category will be reviewed every year, beginning in Year 4, which may result in a price increase, based on your bank’s new asset category. As you can see below, we are offering multi-year commitment discounts, and limiting pricing increases for banks who remain in the program beyond three years.

 

Bank Size (millions) Year 1 Year 2 Multi-Year Discount Year 3 Multi-Year Discount Subsequent Years
Up to $150MM $3,999 $3,399 $3,399 3% Increase each year
$150 – $300MM $4,999 $4,399 $4,399 3% Increase each year
$300 – $500MM $5,999 $5,399 $5,399 3% Increase each year
$500MM+ $6,999 $6,399 $6,399 3% Increase each year

VCC Membership Optional Services

  • Advertising Review. Young & Associates will provide a regulatory compliance review of advertisements for your bank. Each review will be limited to a one-page advertisement and will be limited to 12 advertisements per VCC year. The review service will not include the verification of any Annual Percentage Rates or Annual Percentage Yields. A review of more advertisements maybe purchased on an individual basis.

If selected, the fees for the advertising review service will be:

  • $399 per year if a multi-year VCC program commitment is selected. Maximum of 12 advertisements per VCC year. Each advertisement beyond 12 will be billed at $25 per advertisement. Limited to a one-page advertisement.
  • $599 per year if a single year VCC program is selected. Maximum of 12 advertisements per VCC year. Each advertisement beyond 12 will be billed at $45 per advertisement. Limited to a one page advertisement.

The advertising review fee will be billed at the beginning of each VCC year. Any overage reviews will be billed on a periodic basis.

Contact us today to find out more on how the Virtual Compliance Consultant Program will benefit your bank!