Texas Finance Code - Section 59.009. Compliance Review Committee
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§ 59.009. COMPLIANCE REVIEW COMMITTEE. (a) A financial
institution or an affiliate of a financial institution, including
its holding company, may establish a compliance review committee to
test, review, or evaluate the financial institution's conduct,
transactions, or potential transactions for the purpose of
monitoring and improving or enforcing compliance with:
(1) a statutory or regulatory requirement;
(2) financial reporting to a governmental agency;
(3) the policies and procedures of the financial
institution or its affiliates; or
(4) safe, sound, and fair lending practices.
(b) Except as provided by Subsection (c):
(1) a compliance review document is confidential and
is not discoverable or admissible in evidence in a civil action;
(2) an individual serving on a compliance review
committee or acting under the direction of a compliance review
committee may not be required to testify in a civil action as to:
(A) the contents or conclusions of a compliance
review document; or
(B) an action taken or discussions conducted by
or for a compliance review committee; and
(3) a compliance review document or an action taken or
discussion conducted by or for a compliance review committee that
is disclosed to a governmental agency remains confidential and is
not discoverable or admissible in a civil action.
(c) Subsection (b)(2) does not apply to an individual who
has management responsibility for the operations, records,
employees, or activities being examined or evaluated by the
compliance review committee.
(d) This section does not limit the discovery or
admissibility in a civil action of a document that is not a
compliance review document.
Renumbered from § 59.007 and amended by Acts 1999, 76th Leg., ch.
344, § 2.016, eff. Sept. 1, 1999.
Section: 59.002 59.003 59.004 59.005 59.006 59.007 59.008 59.009 59.010 59.011 59.101 59.102 59.103 59.104 59.105
Last modified: August 10, 2007
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