Regtech is catching on.
The cost of doing business as a credit union keeps rising. In the past few years, regulatory expenses have steadily increased. Smaller credit unions averaged 1.12% of their total assets, while large credit unions averaged 0.33% (Hui, Myers and Seymour, 2016). One of the hopes of regtech is that it will improve the efficiency of managing regulations and reduce this high cost of maintaining regulations. One thing we can all agree on is that maintaining compliance is a sometimes inefficient process.
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