Fewer New Rules, More Scrutiny Expected in 2014
Although the pace of new regulation will slow this year in comparison to last year, experts say community banks will face increased scrutiny, particularly in regards to consumer products, anti-money laundering measures, and compliance management. Pam Perdue, executive vice president of regulatory insight at the compliance software firm Continuity Control, says, "Proposed rules on the horizon run the gamut from easy to difficult, so we are in a wait-and-see mode for the first half of the year. [Still,] financial institutions are laboring under the weight of the cumulative burden that's already upon them." Continuity Control says new regulations in 2013 boosted the average community bank's compliance workload by 3,400 hours and $150,000, and there were 642 enforcement actions, up 5 percent from 2012. Some experts believe the beefed up regulatory scrutiny will spur more community banks to sell, though it also could cause some of those deals to hit snags.
From "Fewer New Rules, More Scrutiny Expected in 2014"
American Banker (02/03/14) Stewart, Jackie
Although the pace of new regulation will slow this year in comparison to last year, experts say community banks will face increased scrutiny, particularly in regards to consumer products, anti-money laundering measures, and compliance management. Pam Perdue, executive vice president of regulatory insight at the compliance software firm Continuity Control, says, "Proposed rules on the horizon run the gamut from easy to difficult, so we are in a wait-and-see mode for the first half of the year. [Still,] financial institutions are laboring under the weight of the cumulative burden that's already upon them." Continuity Control says new regulations in 2013 boosted the average community bank's compliance workload by 3,400 hours and $150,000, and there were 642 enforcement actions, up 5 percent from 2012. Some experts believe the beefed up regulatory scrutiny will spur more community banks to sell, though it also could cause some of those deals to hit snags.
From "Fewer New Rules, More Scrutiny Expected in 2014"
American Banker (02/03/14) Stewart, Jackie
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