§ 54B-63.1. Confidential records. - North Carolina Statutes

§ 54B‑63.1. 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 anassociation 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 theassociation'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 anassociation, reviews assets, including loans held by the association, for thepurpose of assessing the credit quality of the loans or the loan applicationprocess, compliance with the association's investment and loan policies, andcompliance with applicable laws and regulations.

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

(b)        Associationschartered 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 associationregulatory agency having supervisory jurisdiction. Notwithstanding Chapter 132of the General Statutes, compliance review documents in the custody of anassociation or regulatory agency are confidential, are not open for publicinspection, and are not discoverable or admissible in evidence in a civilaction against an association, its directors, officers, or employees, unlessthe court finds that the interests of justice require that the documents bediscoverable or admissible in evidence. (1995, c. 408, s. 2.)