CFR > Title 12 - Banks and Banking > CHAPTER I—COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY > PART 7—BANK ACTIVITIES AND OPERATIONS > SUBPART B—Corporate Practices (§7.2000 to §7.2024) > 7.2013—Fidelity bonds covering officers and employees.

7.2013—Fidelity bonds covering officers and employees.

(a) Adequate coverage. All officers and employees of a national bank must have adequate fidelity coverage. The failure of directors to require bonds with adequate sureties and in sufficient amount may make the directors liable for any losses that the bank sustains because of the absence of such bonds. Directors should not serve as sureties on such bonds.
(b) Factors. The board of directors should determine the amount of such coverage, premised upon a consideration of factors, including:
(1) Internal auditing safeguards employed;
(2) Number of employees;
(3) Amount of deposit liabilities; and
(4) Amount of cash and securities normally held by the bank.