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Need to Formally Delete Policy for Reg Q?

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Question: 
Since Reg Q was removed/revised this year, do we need to do anything formal with the board to delete our policy for Reg Q? Or do we not get it reapproved this year? Our compliance officer was not sure.
Answer: 

Just follow your own bank's process for amending policies. Many banks had no Reg Q policy. It was a factor in designing products and perhaps stated as a reason for certain actions. References to Reg Q would now be removed and those policies or procedures approved according to the bank's protocol.

First published on BankersOnline.com 3/19/12

First published on 03/19/2012

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