Prior Approval - Bankers Online
INSIDER LOANS
| | | | |
|Law Applicability |Prior Approval |Board Approval |$ Limit |
| | | | |
|Regulation O |(Prior approval from a majority |(Document approval in Board |(Director and Related Interest Lending Limit: |
| |of the Board of Directors is |minutes if prior approval | |
|Applies to Directors, Executive |required for loans exceeding |required |Direct loans + |
|Officers, Prin. Shareholders and their|$500,000 |(Document in Board minutes that |Loans to related interests + |
|Related Interests. |(Prior approval from a majority |the director abstained from |Loans guaranteed by a director, |
| |of the Board of Directors is |voting |EO, or Prin. Shareholder must be ≤ bank’s |
|EO for Regulation O are ______ |required when aggregate |(Promptly report EO debt to |lending limit which is |
|_________________________ |borrowings exceed $500,000 |Board and document in minutes if|Calculated quarterly by bank |
| |(EO loans must include demand |prior approval N/A |Controller |
|_________________________ |clause that loan MAY be called | | |
| |if EO becomes indebted to any | |( EO Lending Limits = See state law $ limit ( |
|_________________________ |other bank(s) in amounts | |lower right-hand box.) |
| |exceeding $ limit specified by | | |
|_________________________ |Reg O. (EO Limits = NE state | |(Credit cards up to $15,000 not |
| |law $ limit ( lower right-hand | |included in debt subject to |
| |box.) | |insider lending limit |
|Applies to Directors and Executive | | | |
|Officers and their related interests | | |(Overdraft protection up to |
|of ________ | | |$5,000 not included in debt |
| | | |subject to insider lending limit |
|________________________ | | | |
| | | | |
|________________________ | | | |
| | | |(Include direct and guaranteed debts |
|State Law (THIS CHART ILLUSTRATES, |(Not required by state law |(Debt acquired from other |(Any amount to finance education of executive |
|FOR EXAMPLE PURPOSES, THE STATE LAW IN| |financial institutions must be |officer’s children. |
|PAM’S STATE) | |reported to the Board of |(Any amount to finance or refinance the purchase,|
| | |Directors by the next Board |improvement, or construction of the executive |
|Applies to ________________ | |meeting |officer’s residence |
| | | |(Note: this excludes home equity loans for |
|_________________________ | | |purposes other than those mentioned. First lien |
| | | |loans only.) |
|_________________________ | | |(For any other purpose not specified above |
| | | |provided total “other purpose” debt to the |
|*Director and related interest | | |executive officer does not exceed $100,000 |
|restrictions under state law = | | | |
|Regulation O restrictions as stated | | |(Minimal risk transactions, such |
|above | | |as those secured by a CD or |
| | | |investment securities are |
| | | |exempt from the $100,000 |
| | | |limitation |
***Banks must follow normal credit underwriting procedures when extending credit to insiders. Comparable transactions with non-insiders must support that credit standards to insiders are not less stringent than the norm. Document comparable loan transactions.***
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related searches
- questions bankers should ask customers
- auto loans online instant approval bad credit
- instant online loan approval guaranteed
- loans online instant approval for bad credit
- online mortgage pre approval calculator
- instant credit approval online shopping
- online pharmacies without prior prescription
- chrysler pre approval online reviews
- guaranteed approval online shopping credit
- new york state bankers retirement system
- new york state bankers association
- new york bankers title