A new study conducted by the Consumer Financial Protection Bureau (CFPB) found that complying with consumer deposit account regulations at smaller banks accounts for 4 to 6 percent of deposit operating expenses, while at larger banks it accounts for 1 to 2 percent of expenses. The study examines compliance programs for consumer checking and savings accounts, debit cards and overdraft protections at seven different depository institutions and analyzes the main compliance functions that cost the institutions the most money.
Additionally, the National Credit Union Association (NCUA) published an article last week correcting its previous estimate of hours required for credit unions’ continued compliance with the Truth in Savings Act. In its revised report, the NCUA found that credit unions spend 9.9 million hours every year complying with the Truth in Savings Act. The estimate is comprised of 6.3 million hours for periodic statements, 803,654 hours for other continuing annual compliance requirements, and 2.8 million hours for one-time compliance requirements.