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In Guidance, NY Bank Regulator Stresses Ensuring Directors’ Character, Fitness

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In Guidance, NY Bank Regulator Stresses Ensuring Directors’ Character, Fitness | New York Law Journal

















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Adrienne Harris, superintendent of the New York Department of Financial Services, speaks during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, DC, US, on Thursday, May 18, 2023. Photo: Al Drago/Bloomberg

The Department of Financial Services’ guidance follows its regulatory takeover of New York-based Signature Bank in March, citing emerging weaknesses in corporate governance before its collapse.

January 22, 2024 at 05:22 PM

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New York’s financial watchdog on Monday issued final guidance to the banking industry about the state’s expectation regarding their review and assessment of the character and fitness of their directors and senior officers.

The Department of Financial Services’ guidance follows its regulatory takeover of New York-based Signature Bank in March, citing emerging weaknesses in corporate governance before its collapse.

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