RALEIGH, N.C. - (04/29/05) -- The board of State Employees CU hasapproved new corporate governance rules based on the Sarbanes-OxleyAct for publicly traded companies that will entail greater memberdisclosures on executive compensation and creation of an internal'whistleblower hotline' to gather and investigate allegations ofinternal wrongdoing. The new Corporate Governance Policy wasspurred by the recently passed corporate governance law, known asSOX, and is aimed at formalizing policies to bring greaterdisclosure and transparency to the credit union giant's operations,according to Randy Partin, head of internal audit for the $13billion credit union. "We needed to do a few things to formalizewhat we've always done," he told The Credit Union Journal. Amongthe new practices will be to disclose in the annual report thecompensation for the credit union's top executives, includingPresident Jim Blaine ($458,000 in 2004). It will also requireemployees to report suspicions of wrongdoing by employees andmanagement override of controls to a whistleblower hotline. Thosereports will be forwarded to the audit committee of the creditunion's board.
-
After passing the Federal Reserve's stress tests with high marks, large banks announced dividend increases. In some cases, they also said the Fed had conceded that certain prior calculations needed to be revised.
33m ago -
A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
July 1 -
The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
July 1 -
In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
July 1 - Yahoo Finance Feed
Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
July 1 -
The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
July 1