News & Analysis as of

Corporate Governance Board of Directors Banks

Offit Kurman

Director & Officer Duties: What Every Leader Should Know

Offit Kurman on

Earlier this year, the FDIC, acting as receiver for Silicon Valley Bank (“SVB”), filed a breach of fiduciary duty lawsuit against six officers and eleven directors of the bank. The FDIC alleged that these individuals ignored...more

Thomas Fox - Compliance Evangelist

TD Bank, Part 7-Caremark Claims-Officers

Next, I explore the TD Bank AML/BSA enforcement action by looking at the expansion of the Caremark Doctrine. In the McDonald’s case, the Delaware Court of Chancery took the Caremark Doctrine further by applying the Duty of...more

Sheppard Mullin Richter & Hampton LLP

Federal Reserve Board Issues Cease and Desist Order Against Banking-As-A-Service Provider

On June 14, the Federal Reserve Board (Fed) released a cease and desist order against an Arkansas-based banking-as-a-service (BaaS) provider for compliance and risk management failures. As part of the order, the bank is...more

Foley Hoag LLP

The SVB Bankruptcy Decision and Its Lessons for D&O Insurance Programs

Foley Hoag LLP on

Directors and Officers (D&O) policies are intended first and foremost to protect a company’s individual directors and officers from significant claims which may be asserted against those individuals in their capacities as...more

Allen Matkins

California Banks And Limitations On Distributions To Shareholders

Allen Matkins on

Chapter 5 of the California Corporations Code imposes specific limitations on distributions to shareholders.  Because California chartered banks are formed under the California General Corporation Law, one would expect that...more

Foodman CPAs & Advisors

The Federal Reserve Expects The Board Of Directors Of Financial Institutions To Be Effective

On February 26, 2021, the Federal Reserve issued Supervisory Guidance (SG) for the Board of Directors (BOD) of Domestic Bank and Savings and Loan Holding Companies requiring effective BOD oversight.   ...more

BCLP

Board Cohesiveness During Merger Consideration Process

BCLP on

Bank merger activity is reducing the number of U.S. banks at a rate of about 5% per year. It’s unclear how long this pace of industry consolidation will continue....more

Amundsen Davis LLC

A Lesson On Good Corporate Governance?

Amundsen Davis LLC on

While on its face, a recent decision from the United States Court of Appeals for the 7th Circuit discusses what is not included in the duties of an officer, one can glean from the decision the importance that a Board of...more

BCLP

Regulators Tackle Board Effectiveness and Overdrafts

BCLP on

Host Jonathan Hightower is joined by Ken Achenbach to discuss this week's proposed guidance from the Federal Reserve on the effectiveness of bank boards. In addition, at the outset of the episode Jonathan and Ken reviewed...more

BCLP

Do you have an ATM-oriented board in an increasingly iPhone-oriented world?

BCLP on

In the run up to the Fourth of July holiday, you may have missed that June 27 was the 50th anniversary of the first ATM and June 29 was the 10th anniversary of the first iPhone. I was struck by the coincidence of these two...more

Stinson - Corporate & Securities Law Blog

OCC Specifies ‘Heightened Expectations’ for Board of Director Oversight Responsibilities for Large Banks

The Office of the Comptroller of the Currency, or OCC, has adopted guidelines, issued as an appendix to its safety and soundness standards regulations, establishing minimum standards for the design and implementation of a...more

Stinson - Corporate & Securities Law Blog

Fed to Bank Directors: Pay Attention

Daniel K. Tarullo of the Board Of Governors of the Federal Reserve System delivered a speech on the intersection of corporate governance and prudential regulation. Some of the points he noted were (emphasis added)...more

Ballard Spahr LLP

OCC Releases Guidelines on 'Heightened Expectations' for Large National Banks and Savings Associations

Ballard Spahr LLP on

The Office of the Comptroller of the Currency (OCC) recently released proposed amendments to its Part 30 regulations, which reflect the agency's "heightened expectations" for large banks. That release, styled as an "Interim...more

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