The general assembly hereby finds, determines, and declares that compliance review committees are essential to the operation and performance of financial institutions and that the public will benefit from incentives to identify and remedy compliance issues. To this end, the general assembly declares that compliance review information prepared for or created by a compliance review […]
As used in this article, unless the context otherwise requires: “Compliance review committee” means: An audit committee, loan review committee, or compliance committee appointed by the board of directors of a depository institution, as defined in subsection (3) of this section; or Any other person who is not an employee or director who acts in […]
This article applies to a compliance review committee the functions of which are to evaluate and seek to improve: Loan underwriting standards; Asset quality; Compliance with federal or state statutory or regulatory requirements; Financial reporting to federal or state regulatory agencies; or The ability of electronic computing devices and any other computers, software programs, databases, […]
