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BCI Reveals High Costs are the New Normal for Compliance Spending

According to the Q3 2015 Banking Compliance Index™ (BCI), the average community bank spent $29,145 to manage regulatory changes in the third quarter. Complying with regulatory changes took 384 hours (a decrease of 34% from Q2) , or the equivalent of 1.23 full-time employees. Page counts were up 30 percent to 2,231 pages—a disappointing change after two consecutive quarters of the lowest page counts since the BCI began tracking them in Q1 2013. High page counts typically indicate greater scope and complexity. In this case there were 70 rule changes compared to 73 last quarter.

Why the discrepancy between more pages and fewer hours? Read the full article to answer that question and learn why compliance costs remain stubbornly high and are likely to stay that way unless compliance is better standardized. See Q3 2015 Regulatory Update.

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CBAI Endorses Wolters Kluwer TILA-RESPA TOOL KIT

The new Truth-in-Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure requirements go into effect Aug. 1, 2015, and according to a CBAI Quick Poll, more than half of member banks are not prepared. Take the survey.

The biggest misconception about the rule is that it only impacts two documents. In reality, a regulation of this magnitude affects so much more. Regulatory experts have identified more than 400 regulatory citation changes stemming from the new law that will impact bank processes, technology, policies and procedures, vendor relationships, employee readiness, training, and customer service. Wolters Kluwer Financial Services has developed a TILA-RESPA Tool Kit that includes an outline of all the required changes, implementation timelines, project management templates, and other resources needed to prepare for and implement the required changes so banks can continue to do business as of the effective date. Learn More.

COMPLIANCE: TILA-RESPA INTEGRATED DISCLOSURE TOOL KIT