Messaging to the regulators
After meeting with the ELT and securing funding, you met with The Bank of the Midwest’s primary regulator. In the first meeting, you explained your role and the immediate ask to address issues with the liquidity report and to drive overall data management for the company. You used the same materials from the ELT meetings (2 weeks into your role and the following meeting). The regulator specifically mentioned that he appreciated the transparency and consistency in sharing what was presented by management with him and his team.
Overall, the regulator liked the approach and the plan you had constructed in partnership with the CFO and COO. The only feedback he had was based on his confidence in The Bank of the Midwest and the duration of time between the identification of the problem and when you were brought in. Because of this, he requested that you add consultants to your plan to move the plan to execution a bit quicker and to validate your approach...
