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ARTICLE · 11 APRIL 2012

Nutter Bank Report, March 2012

Nutter McClennen & Fish LLP
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The FDIC recently released guidance advising bank directors and officers that it is a breach of their fiduciary duties to remove copies of institution and supervisory records from a bank in anticipation of litigation or enforcement activity against the director or officer personally.

United StatesFinance and Banking
Kenneth Ehrlich
Kenneth Ehrlich
Michael Krebs
Michael Krebs
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Headlines

1. FDIC Warns That Copying Bank Records Could Be a Breach of Fiduciary Duty
2. Federal Reserve Outlines Criteria for Upgrading Supervisory Ratings
3. Consumer Sues for Violation of Massachusetts' Information Security Regulations
4. CFPB Issues Guidance on SAFE Act Compliance
5. Other Developments: FHA Audit Requirements and Currency Transactions

1. FDIC Warns That Copying Bank Records Could Be a Breach of Fiduciary Duty

The FDIC recently released guidance advising bank directors and officers that it is a breach of their fiduciary duties to remove copies of institution and supervisory records from a bank in anticipation of litigation or enforcement activity against the director or officer personally. The FDIC guidance issued on March 19 (see FDIC Financial Institution Letter # 14-2012) reminds directors and officers that removing copies of certain bank records from bank premises may also violate applicable laws, regulations and the bank's information

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