Wolters Kluwer survey finds regulatory change major banking concern

The 2024 Indicator Risk Survey of U.S. banks, conducted by TBA-endorsed partner Wolters Kluwer, highlights ongoing risk management and regulatory compliance concerns. Key challenges include navigating the Consumer Financial Protection Bureau’s new small business data collection rule (Section 1071), staying aligned with fair lending regulations, and implementing updates to the Community Reinvestment Act. Regulatory change remains a pressing issue, with 64% of respondents citing it as a significant concern.

Key findings include:

• Complying with the CFPB’s Section 1071 rule (69% reporting “high or moderate” concern) was a standout topic among this year’s findings
• Managing ever-evolving regulatory changes (64% report significant concern)
• Keeping pace with fair lending regulations (61%)
• Concerns over interest rates fell from 74% in 2023 to 53% in 2024; Inflation concerns fell from 54% to 48%; Recession concerns dropped from 47% to 37%
• Ransomware and cybersecurity risk has become the top risk reported by respondents (59%)

Learn more of the survey results here.