Treasury's OCC Churns Human Resources Seas
In his Employment Issues column, Philip M. Berkowitz discusses the Office of the Comptroller of the Currency's new "safety and soundness" guidelines which make talent management, recruitment, succession planning, and compensation practices a focus of boards and senior executive officers at large foreign and domestic banks.
July 08, 2015 at 11:10 PM
8 minute read
Don't look now—we may have made it through the July 4 weekend, but the seas are roiling for banks regulated by the federal Office of the Comptroller of the Currency (OCC). That agency has adopted new “safety and soundness” guidelines which impose important human resources-related obligations on large foreign and domestic banks.
These new guidelines, which apply to banks with average total consolidated assets equal or greater to $50 billion, make talent management, recruitment, succession planning, and compensation practices a focus of covered banks' boards and senior executive officers. In doing so, the guidelines equally cement the crucial role of banks' human resources executives in compliance-related functions.
Coverage kicks in no later than May 30, 2016, if bank assets are between $50 and $100 billion. And if you are a bank with assets of $100 billion or more, I hope it does not come as a surprise to learn that you have been covered by these guidelines since last Nov. 30.
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