Insider Activities

Audit Committee Member Fees

Audit committee members of public banks or bank holding companies [7] are barred from accepting any consulting, advisory, or other compensatory fee, other than director and board committee fees. [8]

7.
Public banks and bank holding companies are defined as those that have securities registered with the OCC or SEC.
8.
However, based on the specific circumstances, audit committee members may or may not be prohibited from engaging in other business with the bank. See Section 301 of the Sarbanes-Oxley Act, as well as the "Management and Board Supervision" booklet of the Comptroller’s Handbook for additional discussion of this issue.
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