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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.