Regulators Dial Up
Enforcement Actions Against Banks
Bank regulators issued 176 enforcement actions across the nation in the first quarter, according to information in the Banking Compliance Index report, a 30 percent increase compared with the fourth quarter of 2014. "There's no singular reason for the spike in enforcement actions last quarter; it's simply the regulatory environment we're operating in these days," says Pam Perdue, executive vice president of regulatory operations at the bank consulting firm Continuity. "For institutions that haven't yet found a way to manage compliance, the risk of costly enforcement actions remains high." The BCI showed that the average community financial institution needed to devote an additional $30,988 and 331 hours to manage the 61 new regulatory changes introduced in the first quarter alone. The total cost of the regulatory burden on banks was about $202 million in the first quarter.
From "Regulators Dial Up Enforcement Actions Against Banks"
Kansas City Business Journal (04/20/15) Dornbrook, James;
Bank regulators issued 176 enforcement actions across the nation in the first quarter, according to information in the Banking Compliance Index report, a 30 percent increase compared with the fourth quarter of 2014. "There's no singular reason for the spike in enforcement actions last quarter; it's simply the regulatory environment we're operating in these days," says Pam Perdue, executive vice president of regulatory operations at the bank consulting firm Continuity. "For institutions that haven't yet found a way to manage compliance, the risk of costly enforcement actions remains high." The BCI showed that the average community financial institution needed to devote an additional $30,988 and 331 hours to manage the 61 new regulatory changes introduced in the first quarter alone. The total cost of the regulatory burden on banks was about $202 million in the first quarter.
From "Regulators Dial Up Enforcement Actions Against Banks"
Kansas City Business Journal (04/20/15) Dornbrook, James;
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