Banks Ordered to Boost Risk Management to Meet OCC Expectations
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The biggest U.S. banks will have to improve risk management and ensure their boards can challenge decisions by top executives under new guidelines backed by the Office of the Comptroller of the Currency’s enforcement muscle.
The standards released today formalize the “heightened expectations” Comptroller Thomas Curry has advocated since taking charge of the national-bank regulator in 2012. The OCC’s goal is to cut down on the kind of risk-taking and operational blunders that were exposed by the subprime mortgage crisis.