On November 12, 2013, the Office of the Comptroller of the Currency (“OCC”) issued OCC Bulletin 2013-33, which provides guidance and establishes standards that the OCC will use when requiring banks to employ independent consultants in connection with enforcement actions. The bulletin specifically focuses on the use of independent consultants for enforcement actions addressing significant violations of law, fraud, or harm to consumers. The bulletin establishes a policy to carefully assess the need for independent consultants for a particular enforcement action, evaluate the consultant’s independence, capacity, resources and expertise, and monitor a consultant’s performance.

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