<img src="https://ws.zoominfo.com/pixel/pIUYSip8PKsGpxhxzC1V" width="1" height="1" style="display: none;">

Compliance Innovation Reduces Costs, Increases Profitability

1 min read
Apr 30, 2012

A survey published April 25th by BAI Banking Strategies reveals that community bankers are struggling with the increasing compliance costs even before the Dodd-Frank Act has kicked in full-force.  Between 2009 and 2011, banks with assets of $470 million (the median for respondents) saw compliance costs rise nearly 19 percent a year, from $131,000 to $185,000, the survey showed.  And 70 percent of the responding banks predict their compliance costs will increase $50,000 annually, BAI reported.

The survey’s respondents were based in the Northeast, but they could have been on almost any street corner in America. Bankers everywhere are trying to reduce expenses to increase profitability, but that balancing act is almost impossible with compliance costs rising every year.

But it doesn’t have to be that way. Innovation is the answer. It can turn this trend around – and help community banks offset growing compliance costs.

With the right partner, community banks can leverage technology to receive simpler, easier, more-effective and more-efficient solutions that can actually reduce compliance costs for Fair Lending, CRA and other custom work.  For example, TRUPOINT Partners takes advantage of cloud computing, standardized processes and centralized resources to deliver a high-quality low-cost solution.  We put answers at your fingertips in minutes through our TRUPOINT Analytics platform, which enables community bankers to access hundreds of expert built reports using public, private and proprietary data sets.  In addition, we will review and consult on every report purchased.

Say goodbye to expensive software, time-consuming training or file-by-file reviews. Our on-demand reports are built by experts, and priced for community banks. Request a sample report today!

Subscribe to the Nsight Blog