Regulatory costs are devouring a greater portion of revenue, time and resources at small banks.
That has been the experience for Douglas Manditch, chairman and chief executive at Empire National Bank in Islandia, N.Y. Last year, the $455 million-asset bank allocated 16% of its revenue to compliance and governance, up from 13% a year earlier. And Manditch says he expects those costs to keep rising.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access