According to online reports, the Federal Reserve Board (Federal Reserve) issued an announcement saying that it will no longer include "reputation risk" as part of its bank regulatory inspections. The Federal Reserve has begun to review and remove references to "reputation" and "reputation risk" from regulatory materials, including inspection manuals, and replace them with more specific discussions of financial risk where appropriate. The Council will train examiners to ensure that this change is implemented consistently across all banks supervised by the Council, and will work with other federal banking regulators as needed to promote consistency in regulatory practices. This change does not change the Board's expectations for banks to maintain strong risk management to ensure safety, soundness and compliance with laws and regulations, nor does it affect the Board's supervision of whether and how banks use the concept of "reputation risk" in their own risk management practices.