The role of the board in overseeing the financial institutions operations is no longer standard best practice but required. Sarbanes Oxley (SOX) has also redirected attention to the need for a strong and independent board. GLBA is enforceable under section 39(a) of the FDI Act, which means that informal or formal enforcement actions may be requested or issued for non-compliance with the Act. For corporate governance to be effective there must be a high level of cooperation between the board and management; however, the board as a whole and the directors individually must maintain independence.”]
Source: https://www.bankinfosecurity.com/challenging-role-director-a-168