Compliance management provider Continuity puts out its quarterly Banking Compliance Index (BCI) to show the impact regulations have had on the community banking industry -- and that includes credit unions. According to Continuity's President Andy Greenawalt, the continued barrage of regulations cost the community banking industry more than $185 billion to manage -- just in the third quarter. That's a lot of dough taken away from credit unions and community banks, which could've been used to enhance member/customer services.
Andy joins us to provide many more details on BCI's 2015 third quarter numbers, such as 70 new compliance items to credit unions that required 2,231 pages to process and expenditure of $29,145. That's just the tip of the regulations iceberg.
We also discussed how this management impacts credit unions -- especially the smaller institutions that don't have the resources, what can be done to curtail this continued downpour, and will there be more of the same in 2016. Check it out and let us know what you think.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.