Your daily fintech and banking briefing.
Today: Jun 13, 2024

NY Banks: Verify Execs for ‘Character,’ Regulator Demands

1 min read

New York’s financial regulator has issued guidance advising banks to vet the “character and fitness” of their top executives. The state agency emphasizes that compromised directors or officers can put financial institutions at risk. The guidance seeks to ensure that banks thoroughly assess the integrity and ethical standards of their senior management and board members. The guidance also stresses the importance of ongoing monitoring of executives’ background checks to identify any potential red flags. The move comes as regulators worldwide are placing a greater emphasis on individual accountability and conduct within the financial industry.