American credit unions aren't alone in feeling overwhelmed by regulatory demands.
According to survey results released this week across the pond, compliance officers in Great Britain said the flow of paperwork is so heavy that it's weakening compliance rather than strengthening safeguards.
The survey by the Chartered Institute for Securities & Investment, a London-based membership society for finance professionals, garnered an 88% positive response to this statement: "The volume of Financial Services Authority material with which I have to keep up to date is a serious drain on the compliance resource within my firm."
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