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1994 SESSION

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HB 570 Banks and savings institutions; compliance review committees.

Introduced by: Bernard S. Cohen | all patrons    ...    notes | add to my profiles

SUMMARY:

Banks and savings institutions; compliance review committees. Provides that the records, reports or other documents created by a bank's or savings institution's compliance review committee are confidential and are not discoverable or admissible in evidence in any civil action (except upon motion and in the discretion of the trial court if it determines that there has been an abuse of the provisions contained in the bill). The bill makes similar provision for records of a compliance review committee which are delivered to a federal or state governmental agency, except as otherwise expressly authorized by law. Under the bill, compliance review committee action does not inhibit the operation of federal or state discovery rules. The bill defines a compliance review committee to mean a committee appointed by a bank or savings institution for the purpose of evaluating and improving the institution's compliance with federal and state law and adherence to its established ethical and financial standards.


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