Regulatory Alerts1996-01-01
Bank Commissioner Memo 1996-8: Audit Timing and Bank Premises Leasing
Bank Commissioner W. Newton Male issued this memorandum to revise annual audit timing requirements for enhanced flexibility, announce a July stakeholder listening tour, and establish unified leasing standards for bank premises. The policy consolidates prior proposals into a single framework that mandates minimum requirements for third-party leases and provides a compliance checklist for bank management. Additionally, the Commissioner adopted the federal Interagency Statement on Retail Sales of Nondeposit Investment Products to eliminate redundant state regulations and align leasing practices with existing federal standards.
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