Cohen, a partner with law firm Morrison Foerster and seasoned expert in workplace monitorships and diversity initiatives, will audit and report on the agency's efforts to overhaul a culture characterized by patriarchy and insularity.

The Canadian bank reported that regulatory fines related to compliance woes wiped out a chunk of its earnings in the third quarter.

In a sea of generically named "First Banks of X" and "Community Banks of Y," financial institutions must decide if the painstaking rebranding process is worth the investment and risk to stand out.

Fay disputes claims it violated servicing laws and a previous order related to dual tracking allegations but agreed to settle without admission of wrongdoing.

The Toronto-based bank also expects a "global resolution" of investigations by U.S. authorities to be finalized by the end of the year.

The Salt Lake City bank recently completed what was arguably the first successful large-scale U.S. bank core transformation from an international core provider. Few banks are following in its footsteps.