In case you were wondering about the impact of the implementation of compliance with the Dodd Frank Act, check out this survey taken by the ABA summer of 2013. I have wondered what the effects would be and this survey has confirmed my earlier predictions. Did your Bank participate in the survey? Do you see the same results in your own institution? We would love to see some community banks post on this blog to see how it has affected you!!!
Survey Finds Major Dodd-Frank Impact on Community Banks
The Dodd-Frank Act is having a significant impact on community banks and their customers, according to a study of 200 banks with under $10 billion in assets released last week by the Mercatus Center at George Mason University. ABA encouraged bankers to participate in the survey last summer.
Among the highlights of the survey:
“Participating banks reported substantially increased compliance costs in the wake of new regulations,” the researchers found. “These costs include hiring new compliance personnel, increased reliance on outside compliance experts, additional resources allocated to compliance, and more time spent by noncompliance employees on compliance. The increased regulatory burdens have led small banks to reconsider their product and service offerings, including considering whether to stop providing residential mortgages and overdraft protection.” Read the survey.
Senior Quality Control and Review Specialist
Sharon Geiger has 27 years banking experience, 21 of which have been involved in internal audit. She has extensive knowledge of all aspects of the banking industry, with a particular emphasis on regulatory compliance and identifying risks and controls. As QCR Specialist, she performs Quality Control Reviews to ensure all workpapers and reports are completed in compliance with the firm's standards.