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#1229530 - 08/07/09 06:40 PM Regulation - O
Curious Offline
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Joined: May 2004
Posts: 10
An inadvertant overdraft took place recently, when an overdraft (no prior arrangemnet existed) for $2,500 was made to a Director. This is apparently in contravention of Regulation-O section 215.4(e). Is this overdraft required to be reported to the Board? What section/subsection supports the requirement of reporting it to the board or for not reporting it?

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Lending Compliance
#1229709 - 08/07/09 07:56 PM Re: Regulation - O Curious
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,935
Galveston, TX
There is no requirement to report it to the Board. But I think it would be best if management informed the baord that they had a Reg. O violation rather than your regulator.
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