On January 14, BPI submitted a written response to the OCC’s request for feedback on the information collections required by Part 9 of the agency’s regulations – i.e., the regulations that national banks must follow when conducting fiduciary activities. The letter calls for the elimination of a Part 9 requirement that any audit of fiduciary activities be included in the minutes of a board of directors meeting. The letter notes that (i) board minutes are intended to reflect board discussions rather than effectively serve as a list of mandated information (in this case audit results), and that (ii) information presented to the board – and, especially information required to be presented to the board via a legally enforceable regulation – should meet a materiality threshold. “Rather than dictate the content of board minutes via regulation,” the letter urges, “OCC examiners should be satisfied that appropriate information regarding material audits…has been provided to the board or an appropriate board committee, to enable the board and/or committee to effectively oversee the identification, tracking and remediation of significant risk-management or compliance deficiencies.”
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