Insider Activities

215.22 Reports by Executive Officers and Principal Shareholders or their Related Interests

Annually, on or before January 31, executive officers and principal shareholders must report to the board of directors the (1) maximum indebtedness of the executive officer and principal shareholder and of each of that person’s related interests to each correspondent bank during the previous year, and (2) the amount of indebtedness of the executive officer or principal shareholder and of each of that person’s related interests to each correspondent bank as of 10 business days before the required January 31 filing date. The report must include a description of the terms and conditions of each extension of credit included in the indebtedness reported. The bank must notify executive officers and principal shareholders of this requirement, make available a list of correspondent banks, and maintain the reports for three years. Banks may use FFIEC Form 004 or maintain the information in a similar format.

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