Thread Options
#2256702 - 07/14/21 06:58 PM Reg O Credit Card Exceptions
Working From Home Offline
Gold Star
Joined: Oct 2009
Posts: 252
There is an exemption in Reg O for credit cards up to $15,000. 215.3(b)(5) If we have an Insider who has a $10,000 credit card, and a $25,000 card, would the total Reg O indebtedness be $20,000? Can we exclude the entire $15,000 or does the $15,000 need to be on one card and we could only exclude the one for $10,000?

Return to Top
Lending Compliance
#2256707 - 07/14/21 07:18 PM Re: Reg O Credit Card Exceptions Working From Home
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,216
Galveston, TX
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2256708 - 07/14/21 07:55 PM Re: Reg O Credit Card Exceptions Working From Home
Working From Home Offline
Gold Star
Joined: Oct 2009
Posts: 252
Thanks. Good info. That advisory opinion sure is a mouthful. So if I'm reading it correctly, my total Reg O borrowings would be $25,000, and I can only exclude the one for $10,000.

Return to Top

Moderator:  Andy_Z