OCC updates asset management handbook

Bank Regulatory Federal Issues Comptroller's Handbook

On June 22, the OCC issued version 1.0 of the Asset Management booklet of the Comptroller’s Handbook. The booklet rescinds the booklet of the same title, issued in December 2000. Among other things, the booklet: (i) clarifies OCC expectations for fiduciary audit requirements; (ii) provides for consistency in the OCC’s examination of bank fiduciary audit activities; (iii) adds language from 12 CFR 150 applying to federal savings associations; and (iv) defines a robust, well documented risk assessment to support the development of a meaningful audit plan and support fiduciary activities.