Regulatory compliance takes out-sized share of their time and money, business people say
Stigler banker Christopher Jordan summed up the impact federal regulations have had on his business with a simple example.
“If you were to sit in on our strategic planning meetings, the focus has changed from ‘What do we need to do to make more loans and get more deposits?’ to ‘How are we going to deal with this compliance issue?’” Jordan told 1st District Congressman Kevin Hern and Congressman Andy Kim of New Jersey.
“It’s really hard to pinpoint one (regulation),” Jordan said. “It’s a cumulative effect.”