For the second consecutive year, regulators issued more than 600 enforcement actions against financial institutions, according to experts at Continuity (formerly Continuity Control), a New Haven, Conn.-based provider of automated compliance solutions for financial institutions.
The sustained increase indicates that community institutions must be prepared to address increasing complex compliance issues, the firm said.
Continuity's Q4 2014 Banking Compliance Index found that the average community bank needed to devote more than $147,000 to manage the 302 regulatory changes introduced in 2014.
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