In the years following the mortgage crisis, many lenders – particularly small and mid-size financial institutions and originators – have had difficulty keeping up with the changing regulatory landscape.
Regulatory compliance continues to be an increasing concern for the industry, with analysts expecting compliance-related spending to be a priority for financial institutions this year. But the industry hurdles will not only be maintaining compliance, but also increasing and retaining membership.
While credit unions have collectively increased assets by more than 30% over the past five years, focus on their core business may be at risk as the financial burden and focus of added resources needed to remain compliant threaten to interfere with continued growth.
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