The Office of the Comptroller of the Currency ("OCC") updated the Comptroller's Handbook to reflect new guidelines that examiners should follow when checking for legal violations by banks. The updated guidance is intended to reflect several objectives culled from the OCC's analysis of its violations process, including the following: (i) consistency of monitoring violations across all lines of business, (ii) using a uniform format for communicating violations to banks, and (iii) following up on corrective measures in order to ensure compliance.
The new guidelines prescribe a specific manner in which OCC-identified violations must be communicated to the relevant board and management of a bank that is the subject of an examination. The updated policy will become effective on July 1, 2017.
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