Does Reg O Allow Waiver of a Director's Late Fee?
by Jack Holzknecht, BOL Guru Guru BIOS
Question: Is there any caveat in Reg O that would allow us to waive an inadvertent late fee on a loan for the interest of a director? I don't know of any, but if there is one I'd hate to prohibit the waiver!
Answer: If the lender offers a waiver of the late fee as an employee benefit to all employees, then it can be available to insiders as well.
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