Insider Activities

215.9 Reports by Executive Officers

Executive officers must provide a written report to the board of directors within 10 days of becoming indebted to any other bank or banks if the aggregate amount of the indebtedness exceeds $100,000 (or the greater of 2.5 percent of the bank’s capital and surplus or $25,000), subject to the exceptions in section 215.5(c). The report shall state the lender’s name and the date, amount, security, and purpose for each extension of credit.

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