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Bank CCOs weigh effectiveness vs. burden of rules

Joe Mont | August 8, 2017

Banks continue to struggle with regulatory and compliance burdens, unconvinced that many rules work as intended and protect consumers.

That’s the takeaway from the American Bankers Association’s newly released biannual Survey of Bank Chief Compliance Officers.

Of 436 respondents, 90 percent of chief compliance officers believe that “consumers do not read the disclosures or find them helpful in choosing and using financial products.”

Additionally, 77 percent believe that regulations produce unintended consequences that negatively impact consumers, and 63 percent agree that regulatory uncertainty and cost deter pro-consumer financial innovation.

“With regulatory focus ramping up around risk management over the past few years, 79 percent said they are now performing enterprise-wide risk assessments, and of those, 86 percent are conducting them on an...

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