Did I hear the word “RECESSION”?
What does that mean for your risk of personal liability?
It means a higher risk and the need to take steps NOW to mitigate those risks. During and after the Great Recession of 2008, 489 banks and savings institutions failed, 41 percent of them subject to FDIC Director and Officer claims. Over 1,200 directors were sued.
In upcoming alerts, AABD will address how you and your board can minimize these risks.
AABD has formed the Personal Liability Mitigation Task Force to serve as a clearing house and a resource to identify mitigation measures and promote changes at the FDIC, OCC, and Federal Reserve to reduce bank director risks.
All AABD members are welcome to make suggestions for the Task Force. Please call David Baris at 301-938-1887 or email [email protected].