Regulatory Compliance and Banks : Key Challenges and Effective Solutions
Compliance is big business. The approximate amount of relief to customers from the Customer Finance Protection Bureau, enforcing customer protection laws, is a staggering $10.1 billion (2011-2014). This includes $2.6 billion in restitution to consumers; and$7.5 billion in principal reductions, cancelled debt, and other consumer relief.
This is money that could have found a place in banks’ bottom line.
Regulations are integral to the banking industry, and the extent to which the bank complies with such regulations not just maintains its bottom line in terms of avoiding hefty fines, but also has a big bearing on credibility and integrity.