An overwhelming majority of credit unions surveyed by NAFCU expect their compliance costs to increase in 2010.
NAFCU's Flash Report reported that 83.6% of respondents said their compliance costs will probably go up, while 16.4% predicted they would stay the same. No respondents predicted a decline in compliance costs.
Credit unions that responded reported that 9% of their staff's time was spent on compliance issues. Of those, 71.2% said the amount of staff time devoted to compliance increased from 2008 to 2009, while 28.8% didn't see a significant change.
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