In a joint statement bank and thrift regulators say they do not expect to apply Sarbanes-Oxley Act corporate governance requirements to nonpublic banking organizations not otherwise subject to similar stipulations (www.federalreserve.gov/boarddocs/srletters/2003/ sr0308a1.pdf). (Banking).
* In a joint statement bank and thrift regulators say they do not expect to apply Sarbanes-Oxley Act See SOX. corporate governance requirements to nonpublic banking organizations not otherwise subject to similar stipulations (www.federalreserve.gov/boarddocs/srletters/2003/ sr0308a1.pdf). 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. nevertheless encourage such entities to periodically review their corporate governance and auditing 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 for consistency with applicable law, regulations and supervisory guidance and for their appropriateness to each organization's size, operations and resources. According to the regulators, such banking organizations include national banks, state banks that are Federal Reserve members, savings associations and bank and savings-and-loan holding companies.
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