The onslaught of new regulations for financial institutions continues to make life challenging for compliance officers at banks, insurers, and other financial services firms.
One sign of the toll regulation is taking on the U.S. financial firms is the lack of new entrants into the industry. According to the Federal Deposit Insurance Corp., not a single new reporting bank opened its doors in all of 2012. “It’s not just the business but the regulatory and compliance hurdles you face,” that deter bank start-ups, Riese notes.
