§ 6-13-05 — Submission to commissioner

North Dakota § 6-13-05

• Jurisdiction: North Dakota
• Title 6: Banks and Banking
• Ch. 6-13: Self-Critical Analysis Privilege of Financial Institutions

Text

1. Upon request of the commissioner, a financial institution must submit a compliance
self-critical analysis audit document to the commissioner, or the commissioner's
designee, as a confidential document under the provisions of section 6-01-07, without
waiving the privilege set forth in this chapter to which the financial institution would
otherwise be entitled. However, the provisions of section 6-01-07 permitting the
commissioner to release confidential documents and make them accessible to federal
financial institution regulatory agencies does not apply to the compliance self-critical
analysis audit documents voluntarily submitted. To the extent the commissioner has
the authority to compel the disclosure of a compliance self-critical analysis audit
document under other provisions of applicable law, any report furnished to the
commissioner may not be provided to any other person or entity and must be
accorded the same confidentiality and other protections as provided above for
voluntarily submitted documents. Any use of a compliance self-critical analysis audit
document furnished as a result of a request of the commissioner, whether under a
claim of authority to compel disclosure or not, is limited to determining whether any
disclosed defects in a financial institution's policies or procedures or inappropriate
treatment of customers has been remedied or that an appropriate plan for their remedy
is in place. The commissioner may not impose any type of administrative fine or
penalty as to any area addressed or matter covered in a compliance self-critical
analysis audit document furnished at the commissioner's request, except when there is
clear and convincing evidence that the financial institution failed to undertake
reasonable corrective action, eliminate inappropriate treatment of customers, or failed
to implement an appropriate plan to rectify any noncompliance with state and federal
statutes, rules, and orders.
2. A financial institution's compliance self-critical analysis audit document submitted to
the commissioner remains subject to all applicable statutory or common-law privileges,
including the work product doctrine, attorney-client privilege, or the subsequent
remedial measures exclusion. A compliance self-critical analysis audit document
submitted to and in the possession of the commissioner remains the property of the
financial institution and is not subject to any disclosure or production under section
44-04-18.
3. Disclosure of a compliance self-critical analysis audit document to a governmental
agency, whether voluntary or pursuant to compulsion of law, does not constitute a
waiver of the privilege with respect to any other person or any other governmental
agency.