If the parties do not reach a settlement, the case will return to the lower court for a trial on the issue of the FDIC-R’s claims of ordinary negligence and breach of fiduciary duty against the bank’s officers.
As if audit committees (ACs) don’t have enough to worry about in the post Sarbanes-Oxley (SOX) era, the SEC is inviting comments on a concept release paper that proposes various additional disclosures for them.
Banks must ensure their current—and future—leadership offers a variety of perspectives and strengths.
The OCC looks to boards of directors in addition to senior management to set a tone at a bank that “encourages ethical and responsible behavior and demands individual accountability,” Comptroller of the Currency Thomas Curry said at an industry event in New York today.
The Federal Reserve, FDIC and OCC on Friday launched the third round of comments in the decennial Economic Growth and Regulatory Paperwork Reduction Act review cycle, which is mandated by Congress in order to identify bank regulations that are outdated, unnecessary or burdensome.
Professional liability claims by the FDIC against bank directors and officers peaked in 2013 and are expected to decline further, FDIC Chairman Martin Gruenberg told a conference of bank directors today.
A novel legal take by the FDIC to bank board decision-making could make it much harder to find qualified bank directors.