The FRB issued two notices on August 3, 2017 requesting public comment on supervisory guidance aimed at clarifying the expectations and roles of financial institution boards of directors and a new proposed Large Financial Institution rating system. The FRB’s actions are aimed at (i) clarifying that the responsibilities and expectations of boards of directors for financial institutions are distinct from those of senior management and (ii) implementing a rating system that would be aligned with post-crisis supervisory initiatives. Comments are due by October 10, 2017.

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