The Federal Reserve today issued a proposal to streamline its supervisory expectations for bank boards of directors.

Sens. Jerry Moran (R-Kan.), Jon Tester (D-Mont.), Thom Tillis (R-N.C.) and Heidi Heitkamp (D-N.D.) yesterday introduced the Community Lending Enhancement and Regulatory Relief Act (S. 1002), a package of financial regulatory relief measures targeted at community banks.

The FDIC, OCC and Federal Reserve today issued a joint advisory supporting the Basel Committee’s March 2014 external audit guidance for large, internationally active banks and offering recommendations for addressing the differences between U.S. standards and practices and those specified by the Basel guidance.

Since the Sarbanes-Oxley Act of 2002, banks have placed increased focus on internal audit. In response to member requests, ABA has formed peer groups for internal auditors and groups for those coordinating implementation of the updated COSO internal control framework.