WASHINGTON The Office of the Comptroller of the Currency plans to release today extensive new instructions for banks using derivatives. The nearly 100 pages of guidelines will be the first comprehensive set of instructions for national bank examiners to use in evaluating institutions. They will also provide a road map for banks.
"This really is going to be the bible for our examiners and what they should be looking for is really what the banks should be doing," said Senior Deputy Comptroller Douglas E. Harris, who briefed reporters last week. The OCC is placing responsibility for conforming to the new guidelines squarely on the shoulders of senior bank management. The agency stressed last week that banks would be charged with safety and soundness violations if their managers fail to properly oversee the risks.