Oklahoma § 6-3002 - Compliance review documents - Confidentiality - Discovery

§ 6-3002. Compliance review documents - Confidentiality - Discovery

or admissibility.

A. For purposes of this section:

1. "Depository institution" means a state-chartered or

federally chartered financial institution located in this state that

is authorized to maintain deposit or share accounts;

2. "Compliance review committee" means:

a.

an audit, loan review or compliance committee

appointed by the board of directors of a depository

institution, or

b.

any other person to the extent the person acts in an

investigatory capacity at the direction of a

compliance review committee;

3. "Compliance review documents" means documents prepared for

or created by a compliance review committee;

Oklahoma Statutes - Title 6. Banks and Trust Companies

4. "Loan review committee" means a person or group of persons

who, on behalf of a depository institution, reviews loans held by

the institution for the purpose of assessing the credit quality of

the loans, compliance with the loan policies of the institution, and

compliance with the applicable laws and regulations; and

5. "Person" means an individual, group of individuals, board,

committee, partnership, firm, association, corporation, or other

entity.

B. This section applies to a compliance review committee whose

functions are to evaluate and seek to improve:

1. Loan underwriting standards;

2. Asset quality;

3. Financial reporting to federal or state regulatory agencies;

or

4. Compliance with federal or state statutory or regulatory

requirements.

C. Except as provided in subsection D of this section:

1. Compliance review documents are confidential and are not

discoverable or admissible in evidence in any civil action arising

out of matters evaluated by the compliance review committee; and

2. Compliance review documents delivered to a federal or state

governmental agency remain confidential and are not discoverable or

admissible in evidence in any civil action arising out of matters

evaluated by the compliance review committee.

D. Subsection C of this section does not apply to any

information required by statute or regulation to be maintained by or

provided to a governmental agency while the information is in the

possession of the governmental agency to the extent applicable law

expressly authorizes its disclosure.

E. This section may not be construed to limit the discovery or

admissibility in any civil action of any documents that are not

compliance review documents, nor may it be construed to limit the

discovery or admissibility of any relevant documents which reflect

evidence of fraud committed by an insider of a depository

institution, to the extent those documents are otherwise

discoverable or admissible.

Added by Laws 1995, c. 36, § 24, eff. July 1, 1995.