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#2230460 - 02/07/20 02:22 PM Reg O - Approval within 14 months?
ljones9 Offline
New Poster
Joined: Aug 2018
Posts: 19
How do you handle this requirement of Reg O?:

Quote
12 CFR 215.4(b)(3) Approval by the board of directors under paragraphs (b)(1) and (b)(2) of this section is not required for an extension of credit that is made pursuant to a line of credit that was approved under paragraph (b)(1) of this section within 14 months of the date of the extension of credit. The extension of credit must also be in compliance with the requirements of Sec. 215.4(a) of this part.


Do you require that all Reg O covered line of credits are reviewed and approved by the Board at least every 14 months, so that extensions under the LOCs can continue to made during the next 14 month period without prior approval?

Thanks in advance.

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Lending Compliance
#2230462 - 02/07/20 03:10 PM Re: Reg O - Approval within 14 months? ljones9
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
Typically lines of credit that need prior board approval go to the board annually. Then you are done for a year.
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