Must an inadvertant OD for $500, paid by the bank, and covered by the exec the next day be reported to the BOD's???

Must all OD's be reported to the BOD's?

There are no requirements for reporting such to the board of directors. Just make sure that the executive officer wasn't also maxed out on the $100,000 limit for other purpose loans, otherwise you have a Regulation O violation.

I didn't think I saw any requirement for that!! Our Policy is written that they must, but I am like, I don't see this requirement written or implied anyplace that requires us to include this in our policy!

The officer does not, but if he was at his max point and we did it, then we would have to disclose, right?

Is there a requirement to report a Regulation O violation to the board? Well, technically no. But when the regulators question the board regarding a Regulation O violation, I (as part of job security) would want to make sure they were fully aware of the situation and the additional internal controls now in place to make sure it didn't happen again.