North Carolina General Statutes 53C-4-12. Compliance review committee
(a) For purposes of this section, the following definitions apply:
(1) “Compliance review committee” means (i) a bank’s board of directors, (ii) a committee authorized by the bank’s board of directors, or (iii) any other committee or person to the extent the committee or person acts at the direction of or reports to the bank’s board of directors or a committee authorized by the bank’s board of directors when any part of the functions of the board, committee, or person is to audit, evaluate, report, or determine compliance with any of the following standards or requirements:
a. Loan underwriting standards.
b. Asset quality.
c. Financial reporting to federal or State regulatory agencies.
d. Adherence to the bank’s investment, lending, accounting, ethical, or risk assessment, and financial standards.
e. Compliance with federal or State statutory or regulatory requirements.
f. Cybersecurity requirements.
Terms Used In North Carolina General Statutes 53C-4-12
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(2) “Compliance review documents” means documents prepared for or created by a compliance review committee.
(3) “Government agency” means a state or federal regulatory body that is not a bank supervisory agency that has jurisdiction over a bank’s compliance with state or federal laws or regulations, including those dealing with taxes, securities, or financial reporting.
(4) “Loan review committee” means a person or group of persons who, on behalf of a bank, reviews assets, including loans held by the bank, for the purpose of assessing the credit quality of the loans or the loan application process, compliance with the bank’s investment and loan policies, and compliance with applicable law and regulations.
(b) Banks shall maintain complete records of compliance review documents, and the documents shall be available for examination by the Commissioner or any bank supervisory agency or government agency having jurisdiction. Notwithstanding Chapter 132 of the N.C. Gen. Stat. or any other provision of the General Statutes, compliance review documents in the custody of a bank, the Commissioner, a government agency, or a bank supervisory agency are confidential, are not open for public inspection, and are not discoverable or admissible in evidence in a civil action against a bank, its directors, officers, or employees, unless the court finds that the interests of justice require that the documents be discoverable or admissible in evidence. (2012-56, s. 4; 2017-165, s. 4.)