OCC unveils new regulations hoping to strengthen risk management in major banks

Regulations follow a bumpy year for large financial companies

2013 was an expensive year for major banks, with the likes of J.P. Morgan Chase, Well Fargo and Bank of America all paying substantial tabs to settle probes around everything from shoddy derivatives trading operations to the quality of mortgage-backed securities. While those checks were for the most part made out to the Department of Justice, the Office of the Comptroller of the Currency (OCC) may be the face of big banking oversight in 2014.

The OCC announced on Jan. 16 a series of guidelines designed to strengthen the risk management standards of any operation with more than $50 billion in assets. The rules will make any entity that falls into that category responsible to a number of new rules, and will require each to form relationships with independent auditors to ensure there are open lines of communication to the OCC.

Executive Editor

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Chris DiMarco

Chris DiMarco, Executive Editor of InsideCounsel magazine, has a background in multimedia production with previous involvement in projects in which he developed and created content...

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