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OCC Formalizes Guidance on Risk Governance for Banks
By Colby Adams
printU.S. national banks must formally declare their risk limits and ensure the independence of their boards of directors, the Treasury Department ruled Thursday. In 129 pages of guidance, the department's Office of the Comptroller of the Currency (OCC) said that national banks and other covered institutions with $50 billion or more in assets must establish, periodically update and comply with policies to manage their safety and soundness risks, including those arising from product lines vulnerable to money laundering. The finalized guidelines, which largely mirror those proposed by the OCC in January, outline a set of "minimum standards" that covered banks...
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