Duties and Responsibilities of Directors Comptrollers Handbook (section 501)

Directors are placed in positions of trust by the bank's shareholders, and both statute and common law place responsibility for the management of a bank firmly and squarely on the board of directors. The directors of a national bank may delegate the day-to-day routine of conducting the bank's business to their officers and employees, but they cannot delegate their responsibility for the consequences of unsound or imprudent policies and practices whether it involves lending, investing, protecting against internal fraud, or any other banking activity. The directorate is responsible to its depositors and shareholders for safeguarding their interests through the lawful, informed, efficient, and able administration of the institution.

Author: Comptroller of the Currency Administrato

Publisher: Createspace Independent Publishing Platform

Publication Date: Oct 31, 2014

Number of Pages: 34 pages

Binding: Paperback or Softback

ISBN-10: 1502907682

ISBN-13: 9781502907684