FRB And Canadian Enforcement
The FRB has joined with the Canadian Office of the Superintendent of Financial Institutions (OFSI) to take an enforcement action involving the Canadian Imperial Bank of Commerce. Both supervisory agencies had concerns about the Toronto-based bank's dealings with Enron and the related exposure to risk. Under the agreement, the bank must hire an auditor acceptable to both supervisory agencies and, following an agreed-upon protocol, submit quarterly audit reports to the agencies. The bank must also develop policies and procedures to prevent unsafe and unsound practices and demonstrate that it is following the new procedures.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 8, No. 15, 1/04
Privacy Policy Disclaimer Recommend This Site ! Contact Us
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
|
Print Friendly!
Email This Article!
Discuss NOW!