Here. An excerpt:
The American Bankers Association, however, says its members aren’t ready. And it blames the vendors who supply the software and system upgrades needed for regulatory compliance.
In a survey released earlier this month, 79 percent of responding banks said their vendors either had not verified a delivery date for the software updates or had said the systems wouldn’t arrive before June.
“When the systems are received late, there’s not time for training, installation, debugging,” said Bob Davis, the association’s executive vice president for mortgage markets. “With that occurring, there will be a lot of uncertainty about performance of the systems and staff.”
The Waltons, Eli Broad, and the Gates Foundation want to blame the problems in U.S. public education – problems caused by poverty and inequity – on teachers. They scream for accountability. “Apply the market principles of the private sector,” they cry, “where it’s ‘hit your marks or pay.'” So if they miss the deadline for compliance, let the banks pay. If they make mistakes in implementation, lets enforce penalties.