A revised “Director’s Book: Role of Directors for National Banks and Savings Associations” and a newly published “Director’s Reference Guide to Board Reports and Information” were announced Thursday by the Office of the Comptroller of the Currency (OCC).
Referred to together as the OCC’s “Director’s Toolkit,” the materials are designed to help guide national bank and federal savings association (FSA) directors on strategic issues, risk management, and compliance responsibilities.
The “Director’s Book” issued Thursday replaces the publication of the same name issued in 2016 and includes elements from the “Corporate and Risk Governance” booklet of the Comptroller’s Handbook issued in July 2019, the OCC said. The publication gives an overview of the OCC; outlines directors’ responsibilities as well as management’s role; explains basic concepts and standards for safe and sound operation of banks; and delineates laws and regulations that apply to banks.
The OCC said its “Director’s Reference Guide to Board Reports and Information” focuses on key areas of planning, operations, and risk management. The guide is organized to provide examples of sources of information, measures, questions to consider, red flags, and references to directors.
The reference guide also rescinds publications from 2013: “Detecting Red Flags in Board Reports – A Guide for Directors”; “Pocket Guide to Detecting Red Flags in Board Reports”; and “Internal Controls – A Guide for Directors.”