More Efficiency Means Lower Compliance Costs, CFPB Says

Law360, New York (November 27, 2013, 12:43 PM EST) -- The Consumer Financial Protection Bureau recently urged banks of all sizes to streamline their operations to reduce the cost of complying with regulations, saying that after the initial expenses for required changes are taken into account compliance, costs should decrease.

The federal consumer finance watchdog took a comprehensive look at the compliance costs seven banks of various sizes incurred when implementing five regulations dealing with checking accounts, traditional savings accounts, debit cards and overdraft programs.

While the 176-page report, released Nov. 25, found it cost the...
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