News release: “The Federal Reserve on Thursday issued enhanced guidance that refines and clarifies its programs for the consolidated supervision of bank holding companies and the combined U.S. operations of foreign banking organizations (FBOs). The Federal Reserve also released guidance clarifying supervisory expectations with respect to firmwide compliance risk management. While initiation of these efforts predated the recent period of considerable strain in the financial markets, these enhanced approaches to consolidated supervision and firmwide compliance risk management emphasize several elements that should support a more resilient financial system.”

The supervisory guidance on both consolidated supervision and compliance risk management:
• SR Letter 08-8/CA Letter 08-11
• SR Letter 08-9/CA Letter 08-12
• Related postings on financial system