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#1076581 - 11/05/08 02:22 PM Regulation O and Current Financial Statements
CaseyBoo30 Offline
Gold Star
Joined: Feb 2007
Posts: 262
Winchester, KY
Is there anyting in Reg. O that says if a financial statement is dated within 14 months of a loan to an executive officer the financials are considered current? The only thing I found in the regulation regarding 14 months relates to prior approval and lines of credit. See 12 CFR 215.4(b)(3):

(3) Approval by the board of directors under paragraphs (b)(1) and (b)(2) of this section is not required for an extension of credit that is made pursuant to a line of credit that was approved under paragraph (b)(1) of this section within 14 months of the date of the extension of credit. The extension of credit must also be in compliance with the requirements of ยง215.4(a) of this part.

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Lending Compliance
#1076649 - 11/05/08 03:13 PM Re: Regulation O and Current Financial Statements CaseyBoo30
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
What does your loan policy say a current financial statement is? Generally policy will require a financial statement to be less than 12 months old.

Your Reg. O Officers have to meet the same standards as any other borrower.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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