My FI doesn't extend loans to insiders, executive officers, or principal shareholders. We are being asked to create a Reg O Policy by audit but I don't see the need to. The Board's direction is no credit will be extended to Reg O applicants. Do we really need a policy for something like this? What would it even say besides The Bank doesn't extend credit to insiders, executive officers, or principal shareholders?
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu