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Can you summarize ORRS 706.723?
Administration and Enforcement of Banking Laws Generally > Confidential documents; review by court.
Short Summary
This legal document governs the confidentiality of reports, records, and compliance review documents related to financial institutions. It states that such documents are confidential and not discoverable or admissible as evidence in any civil action or administrative proceeding. The confidentiality also applies to documents delivered to state, federal, or foreign governmental or regulatory agencies. Additionally, individuals serving on a compliance review committee or acting at the committee’s request are prohibited from testifying in civil actions regarding the contents or conclusions of compliance review documents or the committee’s actions. The document allows a court to determine the claim of confidentiality after an in camera review. It clarifies that the provisions do not affect the ability to claim other privileges provided by law. The document defines compliance review committee as a person or persons assigned by a financial institution to monitor, improve, and enforce compliance with various practices and requirements. Compliance review documents refer to any document prepared for or created by a compliance review committee.
Whom does it apply to?
Financial institutions, compliance review committees, state, federal, and foreign governmental or regulatory agencies
What does it govern?
Confidentiality of reports, records, and compliance review documents related to financial institutions
What are exemptions?
Documents that are not reports or records described in ORS 706.720 (3) or compliance review documents
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Oregon