NEW HAVEN, Conn.—Community financial institutions experienced a 26% increase in the number of hours and employees required to meet regulatory compliance demands in the third quarter, according to the newest Banking Compliance Index released by Continuity Control.
According to the company, which provides compliance management solutions, the BCI found the average community financial institution needed to devote 653 additional hours, or the equivalent of 1.86 full-time employees, to manage the 82 new regulatory changes added in the third quarter. To meet those needs, the average institution had to spend an additional $45,264 on compliance last quarter, it said. The BCI follows regulatory changes, page volume and enforcement action information.