By Jon Hill (June 23, 2022, 7:36 p.m. EDT) – The Office of the Comptroller of the Currency said Thursday it has seen increased competition among banks for compliance experts and warned that the banking industry is faces a “growth challenge” with hiring and retaining trained staff.

The OCC’s latest report on risks to the federal banking system flagged staffing challenges as one of several drivers of increased operational and compliance risk for banks, which the agency says are navigating an “increasingly complex operating environment”.

Not only are banks still facing the lingering impact of the pandemic, for example, but they are also facing elevated cyber threats, challenging macroeconomic conditions,…

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