Bank trust department policies and other areas are the subjects of an update to an examination risk management manual issued by the federal bank deposit insurer Tuesday.
According to the Federal Deposit Insurance Corp. (FDIC), the update is a reorganization of section one of the manual on bank trust departments, which covers policies, strategic planning, incentive compensation, dominant managers, management information systems, account reviews, and meetings between examiners and trust department management.
The manual itself, the agency said, provides its examiners with information relating to trust concepts, principles, common and statutory laws, and regulations that govern the behavior of fiduciaries. It said the manual promotes consistency in trust and fiduciary examination activities, which it said ensures public confidence in the banking system protects the Deposit Insurance Fund, the pool of money that backs up deposits in insured depository institutions.