Fiduciary audit committee.
Fiduciary audit committee. A national bank's fiduciary audit committee must consist of a committee of the bank's directors or an audit committee of an affiliate of the bank. However, in either case, the committee:
(1) Must not include any officers of the bank or an affiliate who participate significantly in the administration of the bank's fiduciary activities; and
(2) Must consist of a majority of members who are not also members of any committee to which the board of directors has delegated power to manage and control the fiduciary activities of the bank.