WASHINGTON The Office of the Comptroller of the Currency
announced today the availability of publications that will assist bank
directors in complying with new corporate governance standards and in
identifying information in board reports that may signal existing or potential
problems.
The Sarbanes-Oxley Act is perhaps the most important piece
of corporate reform legislation in our lifetime, said Comptroller of the
Currency John D. Hawke, Jr. These
publications not only provide guidance for bank directors to meet their
fiduciary responsibilities, but will assist them in complying with the
corporate governance expectations of this important legislation.
The publications, Detecting Red Flags in Board ReportsA
Guide for Directors and A Pocket Guide to Red Flags in Board Reports,
replace editions issued in September 2000.
The major revisions to the booklet and the pocket guide
include:
Information about applicable provisions of recent
legislation, including the Gramm-Leach-Bliley Act of 1999, the USA Patriot Act
of 2001, and the Sarbanes-Oxley Act of 2002.
The booklet discusses requirements for the privacy of consumer financial
information in the Gramm-Leach-Bliley Act, auditor independence issues in the
Sarbanes-Oxley Act, and money-laundering requirements in the USA Patriot Act.
Expanded coverage and guidance on corporate governance,
audit, risk management, and anti-money laundering.
An expanded pocket guide, listing all red flags for the
major sections of the booklet.
The publications supplement other OCC publications including
the Directors Book: The Role of a National Bank Director and topical
booklets in the Comptrollers Handbook series. They highlight red flags, ratios or trends that may signal existing
or potential problems, that will alert bank directors to areas for further
inquiry to determine if a substantial problem exists or may be forming.
These publications are available via the OCCs Web site at http://www.occ.treas.gov.
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The OCC charters, regulates
and examines approximately 2,100 national banks and 52 federal branches of
foreign banks in the U.S., accounting for more than 55 percent of the
nations banking assets. Its mission is to ensure a safe and sound and
competitive national banking system that supports the citizens, communities
and economy of the United States.
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