COMMUNITY BANKS AND CREDIT UNIONS

Regulators Could Take Additional Steps to Address Compliance Burdens

Business & Finance, Accounting, Governmental
Cover of the book COMMUNITY BANKS AND CREDIT UNIONS by Hugues Dumont, Hugues DUMONT
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Author: Hugues Dumont ISBN: 1230002190730
Publisher: Hugues DUMONT Publication: March 2, 2018
Imprint: Language: English
Author: Hugues Dumont
ISBN: 1230002190730
Publisher: Hugues DUMONT
Publication: March 2, 2018
Imprint:
Language: English

In recent decades, many new regulations intended to strengthen financial soundness, improve consumer protections, and aid anti-money laundering efforts were implemented for financial institutions. Smaller community banks and credit unions must comply with some of the regulations, but compliance can be more challenging and costly for these institutions. GAO examined (1) the regulations community banks and credit unions viewed as most burdensome and why, and (2) efforts by depository institution regulators to reduce any regulatory burden. GAO analyzed regulations and interviewed more than 60 community banks and credit unions (selected based on asset size and financial activities), regulators, and industry associations and consumer groups. GAO also analyzed letters and transcripts commenting on regulatory burden that regulators prepared responding to the comments...

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In recent decades, many new regulations intended to strengthen financial soundness, improve consumer protections, and aid anti-money laundering efforts were implemented for financial institutions. Smaller community banks and credit unions must comply with some of the regulations, but compliance can be more challenging and costly for these institutions. GAO examined (1) the regulations community banks and credit unions viewed as most burdensome and why, and (2) efforts by depository institution regulators to reduce any regulatory burden. GAO analyzed regulations and interviewed more than 60 community banks and credit unions (selected based on asset size and financial activities), regulators, and industry associations and consumer groups. GAO also analyzed letters and transcripts commenting on regulatory burden that regulators prepared responding to the comments...

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