OCC Clarifies How Banks Learn Of, Fix Compliance Problems

Law360, New York (October 31, 2014, 2:31 PM ET) — The Office of the Comptroller of the Currency on Thursday updated its process for notifying banks of potential problems uncovered by its examiners and gave bank boards a clearer picture of their responsibility for making sure those issues are addressed.

The OCC’s revisions to its policy of handling so-called “Matters Requiring Attention” are intended to make sure that examiners clearly inform banks of all size under the agency’s supervision of problems lurking within their operations in a uniform manner and that those banks address them more…

Source: Law360

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