New Haven’s Continuity Control, a provider of financial compliance software, said community banks across the country spent an additional $34,755 complying with 75 new regulatory changes in the second quarter.
The new regulations meant an additional 517 man hours dedicated to compliance, according to Continuity’s Banking Compliance Index, which it launched last year. That’s up from an additional 483 hours last quarter, when there were 66 regulatory changes.
New regulations have cost the average community bank an additional $191,000 since the second quarter of 2013, according to the index, which is calculated using an average institution size of $350 million.
The company uses a proprietary equation that incorporates dates from several federal agencies.
Correction: Due to reporter error, the original version of this story inaccurately portrayed Continuity’s data as showing a decrease in compliance costs in the second quarter. Costs increased by $34,755, according to the company’s index. The headline and parts of the story have been amended.
