Loan Officer on Audit Committee

Posted By: Anonymous

Loan Officer on Audit Committee - 11/10/05 08:09 PM

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.
Posted By: A_G

Re: Loan Officer on Audit Committee - 11/10/05 08:39 PM

SOX for one.

http://www.sec.gov/rules/final/33-8220.htm#audit
Posted By: Anonymous

Re: Loan Officer on Audit Committee - 11/10/05 08:40 PM

Are you publicly traded?
Posted By: Anonymous

Re: Loan Officer on Audit Committee - 11/10/05 08:41 PM

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

Anon#2
Posted By: Anonymous

Re: Loan Officer on Audit Committee - 11/10/05 09:59 PM

No we are not publicly traded, but we have for than 500M in assets
Posted By: Jokerman

Re: Loan Officer on Audit Committee - 11/10/05 10:17 PM

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.