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#605915 - 08/28/06 05:10 PM Reg O reports by Exec Officers
Love those Regs Offline
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Joined: Apr 2002
Posts: 292
Southern State
I would like clarification about state member banks and the reports their executive officers must file - Section 215.9 of reg O says when an EO becomes indebted to other banks in an aggregate amount greater than what we can lend to them, they must file a report within 10 days... My question is this, if our EO has credit cards with other institutions that total more than $100,000 then they have to report within 10 days of going over $100,000 the details as specified in 215.9, right? Or since EO's are allowed $15,000 in "credit card type" debt that is excluded from the definition of extention of credit (215.3(5)), then is the limit for their 10 day report more than $15,000 or the general purpose $100,000 limit?
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Lending Compliance
#605916 - 08/30/06 06:27 PM Re: Reg O reports by Exec Officers
Love those Regs Offline
Gold Star
Joined: Apr 2002
Posts: 292
Southern State
bump
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#605917 - 08/30/06 06:58 PM Re: Reg O reports by Exec Officers
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,324
Galveston, TX
I would not leave this determination up to the executive officers and most banks require that they report all extensions of credit.
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