Regulation - O

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?
Posted By: rlcarey

Re: Regulation - O - 08/07/09 07:56 PM

There is no requirement to report it to the Board. But I think it would be best if management informed the baord that they had a Reg. O violation rather than your regulator.