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NEW HAVEN, Conn., Aug. 29, 2017 -- Continuity, a provider of automated compliance management technology for financial institutions, announces its second quarter Banking Compliance Index (BCI) is available for download.
The BCI is a quarterly tracking index published by the Continuity Regulatory Operations Center®. It measures the incremental cost burden on financial institutions to keep up with regulatory changes. The BCI data sources include: CFPB, FDIC, FinCEN, FRB, NCUA, OCC and OFAC. The BCI is calculated using an average size institution of $350 million.
This quarter’s BCI indicates that the cost of compliance has risen from Q1, resulting in an index score of 0.87. This score represents a 27 percent increase in hours spent analyzing and implementing new regulations over the prior quarter and the costs of compliance rising to $13,925 for the typical $400M institution, up 36 percent from the start of the year.
The BCI indicates these changes were accompanied by an uptick in enforcement actions as well, as 71 actions were taken by regulators during the quarter. This accelerated the enforcement rate one full point over the first quarter figure, to 4.85 percent.
“Our Banking Compliance Index is a significant indicator of the regulatory environment, quarter by quarter,” said Mike Nicastro, CEO of Continuity. “These shifts toward the increasing cost of compliance this quarter serve as a leading indicator that the governing bodies are beginning to accelerate the issuance of new regulations and that there may be further increases in activity in the months to come.”
For more information about the BCI, please visit continuity.net/bci
About Continuity
New Haven, Connecticut-based Continuity is a provider of regulatory technology (RegTech) solutions that automate compliance management for financial institutions of all sizes. By combining regulatory expertise and cloud technology, Continuity provides a proven way to reduce regulatory burden and mitigate compliance risk at a fraction of the cost. Our solutions are designed to automate all aspects of compliance management, from interpretation of regulatory issuances through intuitive task delegation, vendor management, and board reporting. Continuity serves hundreds of institutions across the United States and its territories. For more information about Continuity, visit Continuity.net.
MEDIA CONTACT: Debbie Harris 678-781-7220 [email protected]
