Back in Time: Higher Banking Fines Setting Precedence in Regulatory Requirements

Although Bank of America’s proposed $17 billion settlement appears to be the highest penalty we have seen as a result of the banking industry’s role in the financial crisis, we are recognizing the Justice Department’s efforts in strengthening the requirement for regulatory reform.

Banks are now dedicating a large number of financial and operational resources to implementing sound compliance programs in accordance with new and updated regulatory requirements.

New regulation stemming from the financial crisis cost the six largest U.S. banks $70.2 billion as of the end of 2013.

Between the end of 2014 and the end of 2007, regulatory costs rose by more than 100% – or $35.5 billion– for Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., J.P. Morgan Chase  & Co., Morgan Stanley and Wells Fargo & Co., according to data from policy-analysis firm Federal Financial Analytics Inc.”

 

          “The Cost of New Banking Regulation: $70.2 Billion” by The Compliance Exchange on August 5,2014  – Compliancex.com

What are you doing to stay “in the know” of regulatory requirements and being proactive in implementing your compliance program?  360factors has created a software platform, Predict360, that vertically integrates regulatory information, policies and procedures management, enterprise risk management and provides visibility into all risk and compliance areas for Compliance, Governance and Risk Executives.

 

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