Bankers across the United States are in fear that the flood of new paperwork will choke community banks, regulating many out of existence. We talk to bankers on a daily basis. We see the “deer in the headlights” look, when bankers – small community banks and large money center institutions – discuss their strategies for coping with the every rising tide of regulation.
A banker in Nebraska told Frank Keating in the Wall Street Journal that his bank now devotes more work hours to compliance than to lending. Specifically, he has 1.2 employees on compliance for every one employee focused on lending and bringing in business. <Banking in a Time of Over-Regulation – WSJ>
From USA Today Last year, reviewing the bank’s 455 home loan applications created more than two months of work for Alesia Harlan, a compliance officer at City State Bank in Norwalk, Iowa.<Small banks say new mortgage regulations too onerous – USA Today>
La Salle Commercial Appraisal Management has a suggestion for our friends at the bank. Let us help you manage your rules, regulations and compliance procedures. Do what you do best – talking and listening to your customers and let us take care of these pesky issues that are probably interfering with your priorities. Contact us today to get started.