Reg O Credit Card Exceptions

Posted By: Working From Home

Reg O Credit Card Exceptions - 07/14/21 06:58 PM

There is an exemption in Reg O for credit cards up to $15,000. 215.3(b)(5) If we have an Insider who has a $10,000 credit card, and a $25,000 card, would the total Reg O indebtedness be $20,000? Can we exclude the entire $15,000 or does the $15,000 need to be on one card and we could only exclude the one for $10,000?
Posted By: rlcarey

Re: Reg O Credit Card Exceptions - 07/14/21 07:18 PM

$10,000 - see: https://www.fdic.gov/regulations/laws/rules/4000-9430.html
Posted By: Working From Home

Re: Reg O Credit Card Exceptions - 07/14/21 07:55 PM

Thanks. Good info. That advisory opinion sure is a mouthful. So if I'm reading it correctly, my total Reg O borrowings would be $25,000, and I can only exclude the one for $10,000.