News Release 2020-146 | November 5, 2020
WASHINGTON— The Office of the Comptroller of the Currency today announced updates to its Director’s Toolkit to help bank directors for national banks and federal savings associations fulfill their corporate governance responsibilities.
The Director’s Toolkit serves as a helpful guide for bank directors on strategic issues, risk management, and compliance responsibilities. The updated toolkit includes a revised Director’s Book: Role of Directors for National Banks and Federal Savings Associations and adds a new publication, the Director’s Reference Guide to Board Reports and Information.
“Directors play an important role in the effective oversight of financial institutions,” said Acting Comptroller of the Currency Brian P. Brooks. “The Director’s Toolkit helps bank directors better understand their obligations and thereby better serve their institutions and communities. I encourage bank directors to take advantage of this resource along with our other offerings.”
The Director’s Book: Role of Directors for National Banks and Federal Savings Associations
- replaces the publication of the same name issued in 2016.
- was revised to include elements from the “Corporate and Risk Governance” booklet of the Comptroller’s Handbook, issued in July 2019.
- provides 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.
- delineates laws and regulations that apply to banks.
The Director’s Reference Guide to Board Reports and Information
- focuses on key areas of planning, operations, and risk management.
- is organized to provide examples of sources of information, measures, questions to consider, red flags, and references to directors. The types, amount, and frequency of information that directors should receive to effectively perform their duties vary at each bank and continually evolve.
- rescinds these three publications from 2013:
- Detecting Red Flags in Board Reports—A Guide for Directors
- Pocket Guide to Detecting Red Flags in Board Reports
- Internal Controls—A Guide for Directors
The Director’s Toolkit and other resources for bank directors are available for download on OCC.gov.
Media Contact
Stephanie Collins
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