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Tuesday, June 10, 2014

Keating Pushes Back on Tarullo Fiduciary Duty Remarks

ABA pushed back against remarks by Federal Reserve Governor Daniel Tarullo in which he mused on the possibility of broadening directors’ fiduciary duties to encompass heightened supervisory expectations on risk management. ABA President and CEO Frank Keating said:

I’m concerned that Governor Tarullo’s suggestion will discourage participation on local bank boards across the country, reducing community participation in a manner that will harm institutions’ abilities to serve their customers.

Tarullo discussed other regulatory approaches to supervising bank risk-taking, offering thoughts on three principal kinds of measures: changing decision-makers’ incentives, aligning corporate governance with regulators’ objectives and directly affecting corporate governance processes.

Read Tarullo’s speech.

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