The Office of the Comptroller of the Currency (OCC) for the U.S. Department of the Treasury has released a bulletin detailing the new standards for recovery planning for insured national banks, federal savings associations, and federal branches of foreign banks. These new guidelines seek to codify much of the activity around the development, management, and update of bank recovery plans, including the following:
- Ensuring the recovery plan should be appropriate for the organization’s size, risk profile, activities, and complexity;
- Confirming the plan identifies indicators for significant stress to the organizations, and credible responses to these severe stresses to restore stable conditions;
- Requiring annual review of the recovery plan at the management level, including appropriate revisions; and
- Demanding approval of the recovery plan by the bank’s board, or an approved committee of the board.
Additional details on the proposed guidelines are available here from the U.S. Government Publishing Office.
Source:
https://occ.gov/news-issuances/bulletins/2016/bulletin-2016-30.html
