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Are Board of Director Committees Required?

Question: 
Are Board of Director committees required per regulation and if so, which ones? If not, what types of board committees are typically held by a financial institution?
Answer: 

All of the banking regulatory agencies have bank governance guidance which spells out board and committee requirements and best practices. I do know at an asset size of $500 million, an Audit Committee is required with specific membership requirements. Those membership requirements become more restrictive at $1 billion in assets. Other than that, I don't know of a specific committee requirement by regulation, more guidance and best practice. Do a search on corporate governance on your regulator's website.

First published on 12/15/2019

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