After a string of bank failures in early 2023, the Federal Deposit Insurance Corp. (FDIC) has proposed new enforceable guidelines to tighten corporate governance and risk management practices. The new requirements, which would affect financial institutions with assets of $10 billion or more, include measures on board member diversity in financial institutions, the establishment of appropriate committees, and the implementation of an independent risk management program. The new standards present some of the most significant additions to safety and soundness rules for banking organizations in this asset size range in recent history.
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