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November 24, 2015
Commentary by Steven Lofchie

Federal Reserve Bank of New York ("NY Fed") Executive Vice President Alberto G. Musalem outlined NY Fed 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." Mr. Musalem described the NY Fed's message to the banking industry as follows: (i) cultural problems are the banking industry's responsibility to solve, (ii) a bank

November 25, 2015

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 revised booklet is part of the FFIEC Information Technology Examination Handbook. The FFIEC Management booklet includes examination procedures and has been revised substantially. It outlines the principles of sound governance, specifically, IT governance. It also explains how IT risk management relates to