Posted By: Curious
Regulation - O - 08/07/09 06:40 PM
An inadvertant overdraft took place recently, when an overdraft (no prior arrangemnet existed) for $2,500 was made to a Director. This is apparently in contravention of Regulation-O section 215.4(e). Is this overdraft required to be reported to the Board? What section/subsection supports the requirement of reporting it to the board or for not reporting it?