Bridgeforce Law Bulletin Highlights Heightened Expectations for Bank Boards of Directors

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In 2014, the U.S. Office of the Comptroller of the Currency (OCC) issued formal rules regarding the duties and responsibilities of the Board within a bank’s “risk governance framework.” The Bridgeforce Law bulletin provides details along with additional sources of information to help Directors who are serving on a bank Board to meet the expectations that come with serving on such a Board.

Bridgeforce Law, P.C.

Bridgeforce Law’s bulletin titled, The OCC’s Standard for Bank Directors: Heightened Expectations Extend Beyond Large Banks, is an overview of important regulatory guidelines for bank Boards of Directors. The opportunity to serve as a Bank Director is an honor that comes with great responsibility and accountability.

The bulletin outlines the detail from the OCC’s Guidelines Establishing Heightened Standards for Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches (the Guidelines). Also included in the bulletin are additional regulatory elements that Bank Directors should consider. The core expectation, as outlined by the Guidelines, is that the Board should have the information, experience, business acumen and willingness to question and address any actions taken by management.

According to the bulletin, the keys to each Director’s success in this ever-changing environment are the following:
1. Keen awareness of the nature and direction of the applicable risks; and
2. Knowledge and effective use of all available resources, including third-party providers.

To receive a copy of the bulletin, click here. For more information or any interest in receiving training for bank Boards of Directors, please contact Bridgeforce Law at http://inquiries(at)bridgeforcelaw(dot)com.

About Bridgeforce Law, P.C.
Bridgeforce Law is a boutique law firm focused on supporting the legal and operational needs of companies in and relating to the financial services industry. The concept behind Bridgeforce Law is to share knowledge and insights directly with clients, who desire the close attention of a small law firm, but demand the best legal advice available. Our depth of knowledge and experience helps clients to make pragmatic business decisions that can quickly be operationalized within the business. We provide tailored solutions that work within operational constraints. Bridgeforce Law brings the courage to have tough conversations, and when coupled with practical leadership and functional expertise, the foundation is laid for client success.

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Christy Trautman

Christy Trautman
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