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#1997834 - 02/24/15 05:21 PM Reg O Related Interests - Overdraft
OpsPlus Offline
Junior Member
OpsPlus
Joined: Jan 2004
Posts: 38
MA
Abe Lincoln is a director. He has disclosed 12 different related interests. One of those related interests, ABC Company, is OD. ABC Company or Abe Lincoln do not have exposure greater than $500,000, but if you add up the exposure of all 13 parties there is that exposure. Question - does the OD for ABC Company fall under Reg O OD requirements? Thank you.

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Lending Compliance
#1997887 - 02/24/15 06:37 PM Re: Reg O Related Interests - Overdraft OpsPlus
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,535
Bloomington, IN
does the OD for ABC Company fall under Reg O OD requirements?

No (see 215.4(e) Footnote 3), but if the director and all his related interests exceed the allowable exposure limits with your FI it would require prior approval because the OD would be an extension of credit (215.4(b)).
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The opinions expressed are mine and they are not to be taken as legal advice.

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