The Office of the Comptroller of the Currency on Tuesday published updated standards for the use of independent consultants by banks.
The guidance describes the criteria used to determine whether it will require a national bank or federal savings association to retain a consultant, and the necessary due diligence to ensure that they have sufficient independence, capacity, resources, and expertise. Also covered is the process for reviewing qualifications and oversight of the consultant’s performance. The use of an independent consultant does not absolve bank management or its board of directors of their responsibility for ensuring compliance with enforcement actions.
