State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_54C > GS_54C-60_1

§ 54C‑60.1. Confidential records.

(a)        As used in thissection:

(1)        "Compliancereview committee" means:

a.         An audit, loanreview, or compliance committee appointed by the board of directors of asavings bank or any other person to the extent the person acts at the directionof or reports to a compliance review committee; and

b.         Whose functions areto audit, evaluate, report, or determine compliance with any of the following:

1.         Loan underwritingstandards;

2.         Asset quality;

3.         Financial reportingto federal or State regulatory agencies;

4.         Adherence to thesavings bank's investment, lending, accounting, ethical, and financialstandards; or

5.         Compliance withfederal or State statutory requirements.

(2)        "Compliancereview documents" means documents prepared for or created by a compliancereview committee.

(3)        "Loan reviewcommittee" means a person or group of persons who, on behalf of a savingsbank, reviews assets, including loans held by the savings bank, for the purposeof assessing the credit quality of the loans or the loan application process,compliance with the savings bank's investment and loan policies, and compliancewith applicable laws and regulations.

(4)        "Person"means an individual, group of individuals, board, committee, partnership, firm,association, corporation, or other entity.

(b)        Savings bankschartered under the laws of North Carolina or of the United States shallmaintain complete records of compliance review documents, and the documentsshall be available for examination by any federal or State savings bankregulatory agency having supervisory jurisdiction. Notwithstanding Chapter 132of the General Statutes, compliance review documents in the custody of asavings bank or regulatory agency are confidential, are not open for public inspection,and are not discoverable or admissible in evidence in a civil action against asavings bank, its directors, officers, or employees, unless the court findsthat the interests of justice require that the documents be discoverable oradmissible in evidence. (1995, c. 408, s. 3.)