(a) The Loan Review Committee may be composed of no fewer than three members appointed by the Executive Director, subject to the approval of the Board of Directors of the Corporation. The Committee must include a representative of the Economic Development Authority. If the Loan Review Committee is composed of an even number of directors, one-half of the number of members constitutes a quorum for the transaction of business. If the Loan Review Committee is composed of an odd number of members, a majority of the Loan Review Committee members constitute a quorum for the transaction of business. Every action consented to by a majority of the Loan Review Committee members present at a meeting at which a quorum is present must be regarded as an act of the Loan Review Committee.
(b) The Executive Director shall ensure that the Loan Review Committee has adequate resources and authority to discharge its responsibilities.
(c) The Loan Review Committee shall:(1) Adopt such rules, statements of policy, procedures, forms, and guidelines related to the administration of the Catalyst Loan Fund, and to the selection of projects, as may be necessary for the implementation of this subchapter;(2) Oversee the credit administration process of the Corporation to ensure that credit risk and credit concentrations are managed in a prudent manner, consistent with industry-wide safety and soundness practices;(3) Approve appropriate general underwriting guidelines and monitor the Corporation’s adherence to such guidelines;(4) Oversee the loan approval process and approve loans brought to the Loan Committee as required under the Corporation’s Loan Policy;(5) Designate and authorize appropriate persons to execute and deliver agreements or instruments related to the approval and disbursement of the loans, and to take all such additional actions necessary and appropriate to effectuate this paragraph;(6) Ensure that borrowers meet the conditions of this subchapter;(7) Receive and evaluate annual reports from borrowers; the annual reports must include, records necessary to determine and verify the business has met the requirements of the Program;(8) Review loan portfolio quality, including, trends in loan quality, loans, charge-offs and delinquencies;(9) Review and evaluate pertinent legislative and regulatory developments impacting credit risk management;(10) Review the Corporation’s lending activities and monitor compliance with approved internal policies and all applicable territorial and federal law and regulations;(11) Review periodic reports from the regulatory agencies, external and internal auditors and others; and(12) Discuss and evaluate local market economic conditions effecting loan portfolio quality.
(1) Adopt such rules, statements of policy, procedures, forms, and guidelines related to the administration of the Catalyst Loan Fund, and to the selection of projects, as may be necessary for the implementation of this subchapter;
(2) Oversee the credit administration process of the Corporation to ensure that credit risk and credit concentrations are managed in a prudent manner, consistent with industry-wide safety and soundness practices;
(3) Approve appropriate general underwriting guidelines and monitor the Corporation’s adherence to such guidelines;
(4) Oversee the loan approval process and approve loans brought to the Loan Committee as required under the Corporation’s Loan Policy;
(5) Designate and authorize appropriate persons to execute and deliver agreements or instruments related to the approval and disbursement of the loans, and to take all such additional actions necessary and appropriate to effectuate this paragraph;
(6) Ensure that borrowers meet the conditions of this subchapter;
(7) Receive and evaluate annual reports from borrowers; the annual reports must include, records necessary to determine and verify the business has met the requirements of the Program;
(8) Review loan portfolio quality, including, trends in loan quality, loans, charge-offs and delinquencies;
(9) Review and evaluate pertinent legislative and regulatory developments impacting credit risk management;
(10) Review the Corporation’s lending activities and monitor compliance with approved internal policies and all applicable territorial and federal law and regulations;
(11) Review periodic reports from the regulatory agencies, external and internal auditors and others; and
(12) Discuss and evaluate local market economic conditions effecting loan portfolio quality.