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#1076850 - 11/05/08 05:28 PM Loans to Internal Auditors
Perplexed Offline
Member
Perplexed
Joined: Aug 2002
Posts: 88
Do you allow loans to your internal auditors or require them to go to another bank to maintain independence?
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#1076924 - 11/05/08 06:22 PM Re: Loans to Internal Auditors Perplexed
KAT Offline
Platinum Poster
Joined: Aug 2004
Posts: 986
Massachusetts
They have to go to both the credit committee and the board of directors.

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#1077034 - 11/05/08 07:28 PM Re: Loans to Internal Auditors KAT
DerrickAuditor Offline
Member
Joined: Mar 2008
Posts: 91
USA
We allow it - we get the employee rate like everyone else and must meet all of the underwriting requirements like everyone else.

There are stricter rules for external auditors.

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#1077063 - 11/05/08 07:49 PM Re: Loans to Internal Auditors DerrickAuditor
Ready to Retire Offline
Diamond Poster
Joined: Aug 2005
Posts: 2,313
Living in the land of Oz
We also allow loans to the auditor (me). The same as DerrickAuditor I get the employee rate and must meet the same underwriting requirements that everyone else has to meet. This policy has never been quesitoned by either regulator-FDIC or state.

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#1077273 - 11/05/08 09:34 PM Re: Loans to Internal Auditors Ready to Retire
QCL Offline
Power Poster
QCL
Joined: May 2002
Posts: 6,259
NW IL
Same as the above. Although there is no employee rate. We receive the same rate as customers.

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#1079622 - 11/10/08 04:01 PM Re: Loans to Internal Auditors QCL
#Just Jay Online
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#Just Jay
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
I heart having an employee rate!
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