Our quarterly Reg O reporting to the Board has three items: 1) Any reviews/approvals of loans that fall under Reg O 2) A Reg O report that lists all open loans that apply under Reg O - including origination date, end of term date, available amount (in case of HELOC), outstanding amount, interest rate, and purpose of loan. Of course, we take totals for available amount and outstanding amount and report on how those tie back to where our Reg O numbers should be regarding legal lending limit, and executive officer limits. . We do not include any information in our reports regarding how loans are secured (including not documenting interest rates for deposits). Of course, that is covered in the review/approval portion of the report. The last section of that report are an overview of the policy at a 10K foot view to give an at hand reminder of how limits apply.
While I'm not a fan of "that's the way we've always done it" the person preparing this report might have some insight into why it is done this way at your institution. Did she just inherit it and leave things the same? Did the Board request additional information within the report?