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#372502 - 06/13/05 08:08 PM Reg. O - Board Resolution
complygirl Offline
Platinum Poster
Joined: Oct 2004
Posts: 822
midwest
Does the bank's board resolution which states who the "executive officers" are need to be approved or reviewed by the Board on an annual basis, or only when a change is made to the resolution? Thanks.

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Lending Compliance
#372503 - 06/13/05 09:25 PM Re: Reg. O - Board Resolution
Johncrcm Offline
100 Club
Joined: Dec 2002
Posts: 195
Eastern KY
best practices, the exec secretary should have the accurate list, whether it the result of annual action or each time a change occurs and the BOD performs action. the compliance officer needs the most up to date list for purposes of the Reg O review test.

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#372504 - 06/13/05 09:33 PM Re: Reg. O - Board Resolution
complygirl Offline
Platinum Poster
Joined: Oct 2004
Posts: 822
midwest
So then there is no regulatory requirement to have the resolution approved/reviewed on an annual basis by the Board?

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#372505 - 06/13/05 10:50 PM Re: Reg. O - Board Resolution
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
You might need to look at your by-laws - some banks are required to re-affirm all Bank officers annually.
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#372506 - 06/14/05 01:37 PM Re: Reg. O - Board Resolution
SMQ, CRCM Offline
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SMQ, CRCM
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Between the lines
This is just one of the items that is included at our annual meeting. The agenda for the annual meeting is rather static so it is a simple matter to re-affirm officers, special appointments (BSA, Security, etc.)setting of salaries, designation of EOs, ratify acts of prior year, etc. (I simply update the agenda and all the info is in one place.)
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#372507 - 06/14/05 04:50 PM Re: Reg. O - Board Resolution
Anonymous
Unregistered

I have a question about Section 32. Our examiner has mentioned it in regards to Reg. O, but I can't find a reference to a Section 32 when dealing with EOs. Am I completely missing something or is the examiner refering to Section 23??

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#372508 - 06/14/05 07:50 PM Re: Reg. O - Board Resolution
SMQ, CRCM Offline
Power Poster
SMQ, CRCM
Joined: Apr 2001
Posts: 4,828
Between the lines
Hmmmmmmmmmm, no section 32 in Reg O. Maybe Reg Z,,,,, maybe the demand clause feature?????? Let us know what you find out.
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