The 404 Monster

From Bank Director Magazine, 1st Quarter, 2005:

Many institutions have been frustrated with the time and effort required to deal with Sarbanes-Oxley’s Section 404. The good news, hopefully, is that things will be easier after this first year.

OAM

The board of Umpqua Holdings Corp. in Portland, Oregon, has worked closely with management over the past decade to craft a retail-oriented strategy that has transformed $5 billion Umpqua from a small rural bank into the state’s largest independent. Lately, though, directors have been devoting much of their time to meeting the demanding new reporting requirements laid out in Section 404 of the Sarbanes-Oxley Act, the meat of which comes due this reporting season.

See full article.