In her monthly American Banker article, President and CEO Jennifer Tescher calls out financial institutions to embrace the Compass Principles in her article Stop Whining, Start Self-Regulating. She remarks that many banks have spent their energy complaining about regulation and using this as an excuse for their lack of outreach to the underserved consumer.
The reality is, that many Americans were not included in the financial mainstream before the re-regulation and financial crisis. Tescher recommends that banks stop focusing on the limitations of regulation and start working towards committment to consumer friendly practices. The Compass Principles have been established to define good practice and guide design and delivery of the financial products for consumers.
See the full article here on American Banker.