On October 30, 2014, the U.S. Office of the Comptroller of the Currency (“OCC”) published revised policies and procedures regarding the management of Matters Requiring Attention (“MRAs”) due to supervised institutions’ examinations. MRAs allow the communication of specific supervisory concerns found during examinations to management teams and boards of regulated institutions in writing. In return, MRAs must receive corrective action by the bank’s management team and/or board. The updated guidance improves the agency’s ability to provide for a safe and sound federal banking system. It emphasizes timeliness and corrective action. The guidance further standardizes MRA terminology, format, follow-up, analysis, and reporting. The principles of the MRA guidance are applicable to examinations of all national banks, federal savings associations, and federal branches and agencies.
The OCC press release is available at: http://www.occ.gov/news-issuances/newsreleases/2014/nr-occ-2014-150.html.