With regulators determined to enhance enforcement and increasing punishments for violations, banks are turning to technology to help them co-opt the requirements into their internal business processes
Compliance is big business. The approximate amount of relief to customers from the Customer Finance Protection Bureau, enforcing customer protection laws, is a staggering $10.1 billion (2011-2014). This includes $2.6 billion in restitution to consumers; and$7.5 billion in principal reductions, cancelled debt, and other consumer relief.
This is money that could have found a place in a bank’s bottom line. Regulations are integral to the banking industry, and the extent to which the bank complies with such regulations, not just maintains its bottom line in terms of avoiding
Offered Free by: SunTec Business Solutions
See All Resources from: SunTec Business Solutions