1. The Fed’s Drive for Moral Leadership in Bank Boards

    The Fed’s Drive for Moral Leadership in Bank Boards

    The directors of financial institutions in the United States should be on high alert after a surprise move by the Federal Reserve. On Feb. 2, the regulator slapped a harsh penalty on Wells Fargo, the third-largest bank by assets, for its board’s inadequate oversight of ethical and legal risks in the company. Until the bank improves its governance and replaces some board members, it will not be allowed to grow in total assets...

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    1. We cannot tolerate pervasive and persistent misconduct at any bank.
    2. Across a range of responsibilities, we simply expect much more of boards of directors than ever before.
    3. One defining feature of 2017 has been seeing corporate directors and officers being held personally responsible for illegal behavior at their companies.
    4. In hierarchical cultures, it is critical to empower employees at all levels to speak up and take action.
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