Voluntary regulatory self-assessments by banks; privilege. (HB2237)

Introduced By

Del. Jackson Miller (R-Manassas) with support from co-patron Del. Charles Poindexter (R-Glade Hill)

Description

Voluntary regulatory self-assessments by banks; privilege. Creates a privilege for information generated from a voluntary regulatory self-assessment conducted by a bank or its holding company, affiliates, and subsidiaries. The privilege applies to any document prepared in connection with a voluntary, self-initiated internal assessment, audit, or review of a bank and its practices, policies, and procedures or the practices, policies, and procedures of the bank's service provider. The privilege makes a self-assessment report inadmissible in any legal or investigative action in any civil or administrative proceeding and exempts it from discovery. The privilege shall not apply if it is waived; if it is determined that the privilege is being asserted for a fraudulent purpose or that the report was prepared to avoid disclosure of information in a proceeding that was underway at the time of its preparation, or it is found that a condition exists that demonstrates imminent and substantial harm to bank customers or consumers; or if it involves information in the possession of a bank regulator and is subject to public disclosure. Read the Bill »

Outcome

History