The New York State Department of Financial Services provided temporary regulatory relief for New York-chartered financial institutions concerning (i) conducting in-person meetings and (ii) holding annual stockholder meetings.
An article on the effective date for the Federal Reserve Board, OCC and FDIC joint final rule increasing the major asset prohibition thresholds for the management interlock rule misstated the effective date as October 9, 2019. The correct effective date is October 10, 2019.
The Office of the Comptroller of the Currency, Federal Reserve Board and FDIC joint final rule to increase the major asset prohibition thresholds for management interlock rule was published in the Federal Register.
Comptroller of the Currency Thomas J. Curry announced that he will step down as Comptroller on May 5, 2017. In a speech before a FinTech conference, he reaffirmed the OCC's continuing commitment to facilitate innovation.
In an article published in the Federal Reserve Bank of New York Economic Policy Review, economists examined the "role of financial reporting in resolving agency conflicts among a firm’s managers, directors, and capital providers."
A new FDIC publication on corporate governance focuses on key concepts, the roles and responsibilities of directors and senior management, and how FDIC examiners evaluate governance at community banks.
The Federal Financial Institutions Examination Council ("FFIEC") provided new guidance in the form of a booklet titled Management . The guidance is intended to assist examiners in their evaluations of information technology ("IT") governance at financial institutions and service providers. The...
Federal Reserve Bank of New York Executive Vice President Alberto G. Musalem outlined initiatives to promote a positive banking culture. Mr. Musalem explained that the initiatives are a response to recent incidents of misconduct, including a case involving the manipulation of LIBOR. He also stressed that the "responsibility to address these flaws" in the "culture of banking . . . rests with the banks themselves."