Skip to content
GeoDataVision
Thread Options
#455557 - 11/10/05 08:09 PM Loan Officer on Audit Committee
Anonymous
Unregistered

Our banks former CEO is still a part time loan officer with the bank, and he is on the audit committee. The OCC recommended that he be reomoved from the audit committee, and we do not have a problem with that, but can anyone tell me what regulation would cover why he can not be on the audit committee anymore? The board is wanting to see something in writing, and the examiner could not tell us where it would be located. Any help would be greatly appreciated.

Return to Top
Audit
#455558 - 11/10/05 08:39 PM Re: Loan Officer on Audit Committee
A_G Offline
10K Club
Joined: Jul 2004
Posts: 18,958
_________________________
With the lights out, it's less dangerous.

Return to Top
#455559 - 11/10/05 08:40 PM Re: Loan Officer on Audit Committee
Anonymous
Unregistered

Are you publicly traded?

Return to Top
#455560 - 11/10/05 08:41 PM Re: Loan Officer on Audit Committee
Anonymous
Unregistered

That's where I was going, too, auditguy.

Anon#2

Return to Top
#455561 - 11/10/05 09:59 PM Re: Loan Officer on Audit Committee
Anonymous
Unregistered

No we are not publicly traded, but we have for than 500M in assets

Return to Top
#455562 - 11/10/05 10:17 PM Re: Loan Officer on Audit Committee
Jokerman Offline
10K Club
Joined: Nov 2003
Posts: 12,846
Well, under the new FDICIA limits you won't be subject to that, however, it would still be considered a best practice. I would refer them to that.

Return to Top

Moderator:  Andy_Z