I know the REG excludes interest bearing overdraft credit plan accounts less than $5,000 from the defintion of an extension of credit. My question is this: Does a $3,000 line of credit that is used to pay overdrafts on a checking account, but can also be drawn upon for any reason (like a regular line of credit) qualify under the above exemption? Should it be counted in the total credit extention to the Director, EO? Thanks for any help.

IMO, this line you speak of is not exempt from being considered an extenion of credit under Reg O, unless it is a Credit Card line, or anything of the sort.