New Compliance Index Introduced

Continuity Control (New Haven, CT) announced the launch of its Banking Compliance Index (BCI), the “first and only” quarterly composite index that empirically measures the regulatory burden on financial institutions across key leading and lagging indicators. The index was designed to equip banking professionals, regulators and legislators with detailed data-driven metrics analyzing the impact of new and existing regulations on financial institution resources, specifically budget and employee headcount. Regulatory changes in just the first three months of this year will cost community banks over a quarter of a billion dollars, according to the BCI. The index measures the additional hours expended by the typical community financial institution to effectively process the quarter’s regulatory changes. The additional hours are represented as the number of full-time employees (FTE) that will be required to dedicate to this workload in order to keep the institution compliant. “Quantifying the burden (of time required) is the first step in helping bankers make more strategic decisions about compliance resource allocation,” says Pam Perdue, chief compliance strategist at Continuity Control and former federal examiner. “This is the first time anyone in the banking industry has established a consistent measurement banks and credit unions can use to gauge the total impact of existing and new regulations.”

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