{"data":{"id":"us/12-cfr-150.470","jurisdiction":"us","citation":"12 CFR 150.470","heading":"Who directs the conduct of the audit?","body":"Your fiduciary audit committee directs the conduct of the audit. Your fiduciary audit committee may consist of a committee of your directors or an audit committee of an affiliate. There are two restrictions on who may serve on the committee:\n(a) Your officers and officers of an affiliate who participate significantly in administering your fiduciary activities may not serve on the audit committee.\n(b) A majority of the members of the audit committee may not serve on any committee to which the board of directors has delegated power to manage and control your fiduciary activities.","path":["Title 12—Banks and Banking","CHAPTER I—COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY","PART 150—FIDUCIARY POWERS OF FEDERAL SAVINGS ASSOCIATIONS","Subpart B—Exercising Fiduciary Powers"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-12.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:16Z","sha256":"b1a6ac221540dcfb55972c9e4b5547311c6fd932c93db5fce70e19e7c9078143","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-150.460","next":"us/12-cfr-150.480"},"notice":"GroundRules: Original legal text. Not legal advice."}