BOARD AND MANAGEMENT OVERSIGHT. (1) The Board shall ensure that it receives and reviews sufficient information from management (including scope, frequency, timing and content), regarding the operation of the Bank and the Bank’s compliance with this Agreement, to enable the Board to provide effective oversight and Board members to fulfill their fiduciary duties and other responsibilities under law. Refer to: (i) the OCC’s “The Director’s Book: The Role of Directors for National Banks and Federal Savings Associations”; and (ii) the “Corporate and Risk Governance” booklet of the Comptroller’s Handbook (July 2019).
BOARD AND MANAGEMENT OVERSIGHT. (1) Within ninety (90) days, the Compliance Committee shall assess whether the Bank has competent and effective Board and management in place to carry out the Board’s policies; manage the day-to-day operations of the Bank in a safe and sound manner; and ensure compliance with this Agreement and applicable laws, rules, and regulations. The findings and recommendations of the Compliance Committee shall be set forth in a written report to the Board. At a minimum, the report shall consider:
BOARD AND MANAGEMENT OVERSIGHT. 1. Within 60 days of the effective date of this Agreement, the board of directors of the Bank shall submit a written plan acceptable to the Supervisors to enhance board and management oversight of the Bank’s management and operations. The plan shall include the following four items:
BOARD AND MANAGEMENT OVERSIGHT. (1) Effective as of the date of this Agreement, the Board shall ensure adherence to written policies and procedures that result in appropriate and timely Board and management responses to deficiencies identified in any Report of Examination, internal audit report, or external audit report. Such policies and procedures shall include specific actions for:
BOARD AND MANAGEMENT OVERSIGHT. (1) The Board must ensure that the Bank has competent Board supervision and management in place to carry out the Board’s policies, ensure compliance with this Agreement, applicable laws, rules and regulations, and manage the day-to-day operations of the Bank in a safe and sound manner.
BOARD AND MANAGEMENT OVERSIGHT. (1) Within ninety (90) days of the date of this Agreement, the Board shall ensure that it receives and reviews sufficient information from management (including scope, frequency, timing and content), regarding the operation of the Bank and the Bank’s compliance with this Agreement, to enable the Board to provide oversight and fulfill their fiduciary duties, other responsibilities under law, and in accordance with safe and sound standards. Refer to (i) “The Directors Book: The Role of Directors for National Banks and Federal Savings Associations;” and (ii) the “Corporate and Risk Governance” booklet of the Comptroller’s Handbook for related safe and sound principles.
BOARD AND MANAGEMENT OVERSIGHT. (1) Within ninety (90) days of the date of this Agreement, the Board shall identify in writing to the Assistant Deputy Comptroller, at a minimum, at least two additional independent directors above the number of directors in place as of the date of this Agreement who possess the necessary competence, experience, character, and integrity to direct the Bank’s affairs in a safe, sound, and legal manner. The term “
BOARD AND MANAGEMENT OVERSIGHT. (1) Within ninety (90) days of this Agreement, the Board shall take the necessary steps to eliminate the deficiencies in management leadership and Board oversight as described in the Report of Examination conducted as of June 30, 2009 (the “XXX”), to include specific actions for attaining the necessary management expertise and Board involvement to return the Bank to a safe and sound condition, including:
BOARD AND MANAGEMENT OVERSIGHT. (1) Within sixty (60) days of this Agreement, the Board shall ensure that it receives and reviews sufficient information from management (including scope, frequency, timing and content), regarding the operation of the Bank and the Bank’s compliance with this Agreement, to enable the Board to provide oversight and fulfill their fiduciary duties, other responsibilities under law, and in accordance with safe and sound standards. Refer to (i) the OCC’s “The Directors Book: The Role of Directors for National Banks and Federal Savings Associations;” and (ii) the “Corporate and Risk Governance” booklet, M-CRG, of the Comptroller’s Handbook (July 2016). At least annually, the Board shall perform an assessment of the information that management provides to the Board to ensure that the Board receives adequate information from management on the operations of the Bank to enable the Board to effectively supervise the Bank and fulfill their fiduciary duties.
