Banking

In a joint statement bank and thrift regulators say they do not expect to apply Sarbanes-Oxley Act corporate governance requirements to nonpublic banking organizations not otherwise subject to similar stipulations ( www.federalreserve.gov/boarddocs/srletters/2003/sr0308a1.pdf ). The Federal Reserve Board, the Office of the Comptroller of the Currency and the Office of Thrift Supervision nevertheless encourage such entities to periodically review their corporate governance and auditing policies and procedures for consistency with applicable law, regulations and supervisory guidance and for their appropriateness to each organization’s size, operations and resources. According to the regulators, such banking organizations include national banks, state banks that are Federal Reserve members, savings associations and bank and savings-and-loan holding companies.