Regulation O Policy Update

Regulation O Policy Template Update - 02/06/07

Bankpolicies.com is proud to announce the immediate availability of our revised Regulation O Policy Template product.

The revision to this product is in response to the Federal Deposit Insurance Corporation (FDIC) Financial institution Letter (FIL) dated December 18, 2006 that announced that Section 601 of the Financial Services Regulatory Relief Act of 2006 (Relief Act) removed several statutory reporting requirements relating to insider lending by insured banks and savings associations.

http://www.fdic.gov/news/news/financial/2006/fil06108.pdf

In addition, the FDIC also released on January 26, 2007 a FIL that the Relief Act also repealed FDIC Part 349, Reports and Public Disclosure of Indebtedness of Executive Officers and Principal Shareholders to a State Nonmember Bank and its Correspondent Banks.

http://www.fdic.gov/news/news/financial/2007/fil07007.html

What's New

Topic 10 - General Prohibitions. This new section replaces the following topics that were deleted:

Lending Limits - Topic 10

Board Approval of Insider Loans - Topic 11

Preferential Treatment - Topic 13

Overdrafts - Topic 15

Topic 11 - Additional Restrictions on Loans to Executive Officers. This new section replaces some of the guidance formerly located in Topic 10 - Lending Limits topic which was deleted.

Topic 13 - Recordkeeping Requirements. This new section replaces the "Reporting Requirements" and "Record Retention" topics that were deleted.

What's Revised

Topic 3 - Definitions. The definition of "Loans and Extensions of Credit" under Appendix to Part 215 was added.

Topic 4 - Regulation O and Related Laws and Regulations. The "General" subtopic was revised. A new subtopic entitled "Appendix to Part 215 - Section 5200 of the Revised Statutes Total Loans and Extensions of Credit" was added.

Topic 14 - Public Disclosure. Formerly Topic 19, the "General" and "Maintaining Records" subtopics were revised.

Topic 16 - Civil Penalties. Formerly Topic 20, this section now includes a reference to section 29 of the Federal Reserve Act (12 U.S.C. 504).

What's Deleted

Topic 10 - Lending Limits.

Topic 11 - Board Approval of Insider Loans.

Topic 13 - Preferential Treatment.

Topic 14 - Reports by Executive Officers.

Topic 15 - Overdrafts.

Topic 17 - Correspondent Bank Provisions.

Product Contents

Purpose and Contents - Topic 1
Policy Statement - Topic 2

Definitions - Topic 3

Regulation O and Related Laws and Regulations - Topic 4

Board of Directors and Senior Management Responsibilities - Topic 5

Risk Management - Topic 6

Duty of Care and Duty of Loyalty - Topic 7

Compensation and Benefits Paid to Insiders - Topic 8

Extension of Credit - Topic 9

General Prohibitions - Topic 10

Additional Restrictions on Loans to Executive Officers - Topic 11

Unauthorized Extension of Credit - Topic 12

Recordkeeping Requirements - Topic 13

Public Disclosure - Topic 14

Reporting Requirement for Credit Secured by Bank Stock - Topic 15

Civil Penalties - Topic 16

Audit Policy - Topic 17

Staff Training - Topic 18

Ordering Information

This revised product is available to purchase from Bankpolicies.com for:

$175.00 - List Price

- or -

$25.00* - Update Price

*Applies only to clients who have purchased our Regulation O Policy Template within the last three years in addition to the following prior update (if applicable):

Regulation O Policy Template Update - 05/17/06 - $75.00

If you have ordered this product after 01/06/07 you are eligible to receive the updated product at no charge.

Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies).

NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com.