Report | Bank branches and ADA compliance
One year after a major overhaul of the Americans with Disability Act (ADA) went into effect, banks are still struggling to be ADA compliant across their entire branch portfolio. When you consider that multiple bank locations share the same general construction layout, a violation in one location can be multiplied by hundreds across the country, leaving the financial institution open to significant litigation risk. In addition, the potential penalties for non-compliance can be steep: banks can be fined up to $55,000 for the first ADA violation and $110,000 for the second. This does not take into account additional compensation for injured parties, which is also substantial.
What can banking facility executives do ito meet new federal regulations and avoid non-compliance costs? The often overlooked first step is for banks to develop a formal plan that details a strategy for becoming ADA compliant.
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