What does effective challenge mean?
Effective challenge is a framework for providing critical analysis, and it is a critical component of risk management for an institution, model or practice.
Effective challenge involves utilizing objective, informed parties who can identify limitations and assumptions and who can produce appropriate changes..
What are OCC heightened standards?
The heightened standards guidelines are issued pursuant to section 39 of the Federal Deposit Insurance Act (FDIA), 12 USC 1831p-1, which authorizes the OCC to prescribe, by guideline, operational and managerial standards for national banks and federal savings associations.
What is a Part 30?
If the OCC determines that a national bank or national bank operating subsidiary is engaging in mortgage lending practices of the type described in the “OCC Guidelines Establishing Standards for Residential Mortgage Lending Practices” (Standards), the OCC can take action under the procedures found in Part 30 of its …
What is an OCC audit?
The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and thrift institutions and the federally licensed branches and …
What does credible challenge mean?
Credible challenge: The method that directors use to hold management accountable by being engaged and asking questions and eliciting any facts necessary, when appropriate, to satisfy themselves that management’s strategies are viable and in the bank’s best interests.