Federal banking agencies issue policy on corporate governance for non-public banks.The Federal Reserve Board, the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. and the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. recently issued a "Statement on Applications of Recent Corporate Governance Initiatives to Non-Public Banking Organizations" to address the questions they have received concerning whether they intend to require banking organizations that are not public companies to comply with the provisions of the Sarbanes-Oxley Act. The statement reiterates that public banking organizations must comply with those provisions (The CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. Letter, May). All insured depository institutions that have assets of $500 million or more, regardless of whether they are SEC registrants, are subject to the audit and reporting requirements of the FDICIA of 1991 and therefore are subject to the SEC's requirements and interpretations concerning auditor independence. The policy clarifies that the agencies do not expect to take steps to take action; to move in a matter. See also: Step to apply the board's composition, director independence, audit committee, auditor independence and other corporate governance requirements of the Sarbanes-Oxley Act to non-public banking organizations that are not otherwise subject to these requirements. However, the policy statement states that the agencies encourage all non-public banking organizations to periodically review their policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental relating to corporate governance and auditing matters. |
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