; or (III) having implemented a system or controls described in subclause (II), has failed to oversee its operations; or ; and (B) by adding at the end the following: (C) Definition In this paragraph, the term senior executive means an individual who has oversight authority for managing the overall governance, operations, risk, or finances of a depository institution or depository institution holding company, including the president, the chief executive officer, the chief operating officer, the chief financial officer, the chief risk officer, the chief legal officer, the chairman of the board, an inside director of the board of directors, and an individual who occupies an equivalent position, as determined by the depository institution or depository institution holding company, as applicable. . 3. Governance and accountability standards The Federal Deposit Insurance Act ( 12 U.S.C. 1811 et seq. ) is amended by adding at the end the following: 54. Governance and accountability standards (a) Definition In this section, the term senior executive has the meaning given the term in section 8(e)(2)(C). (b) Adoption of standards Except as provided in subsection (d), each depository institution and depository institution holding company shall adopt governance and accountability standards in the bylaws (or their equivalents) of the depository institution or depository institution holding company, as applicable, that promote safety and soundness, responsiveness to supervisory matters, and responsible management. (c) Required contents (1) In general The standards adopted under subsection (b) shall include— (A) policies for senior executives and members of the board of directors of the depository institution or depository institution holding company relating to appropriate risk management and responsiveness to supervisory matters, including responding to the appropriate Federal banking agency and State banking supervisor, as applicable, on supervisory matters on a timely basis