Sarbanes-Oxley Forces Increased Spending at Credit Union Rivals
NEEDHAM, Mass. - Credit unions that want to become banks and then issue stock might be well advised of this point: Compliance with the Sarbanes-Oxley Act is having a disproportionate impact on publicly traded community banks, according to TowerGroup. The research and advisory firm says the Sarbanes-Oxley Act is forcing such organizations to sharply increase spending on IT and other areas needing bolstering to meet the new rules. This graphics shows the reasons for the impact and where the spending is occurring.