A slew of U.S. regulators warned banks, including their senior management and boards of directors, of the pitfalls of providing financial support to faltering mutual fund firms they advise, in a joint policy statement released on Monday.

"The agencies have concluded that recent market developments, including market volatility, the continued low interest rate environment, and operational and corporate governance weaknesses, warrant the issuance of this guidance," the agencies said. The statement was released by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of Thrift Supervision.

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