Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Wednesday, June 10, 2015

Curry Emphasizes Board Role in Setting Tone

The OCC looks to boards of directors in addition to senior management to set a tone at a bank that "encourages ethical and responsible behavior and demands individual accountability," Comptroller of the Currency Thomas Curry said at an industry event in New York. The board must "articulate what the institution stands for" and set boundaries of unacceptable behavior, he added.

We don’t expect directors to manage the bank, but we do expect the board to look at high-level issues that relate to culture, from the compensation structure to how management deals with deviations from the standards the board has established.

He added that the lengthy rulemaking on the Dodd-Frank Act's incentive compensation provision will soon be complete. "This has been an exceedingly long rulemaking process, even if I understand the reasons, and I am working to see to it that we are nearing the end of the process," he said.

Read the speech.

No comments:

Post a Comment

Please read our comment policy before making a comment.