Coming Up: Reg O Reports

The FFIEC has sent out a reminder to banks that the time for annual reports of indebtedness is coming up. The reminder includes a sample form. You may use this sample or design your own form (spreadsheets work well) as long as you collect the same information. Remember, this annual report is kept in the institution and made available to examiners. Insiders include all executive officers (even if they don't feel like executives) and principal shareholders. Who must report is determined by their status on December 31. The report, however, is for the entire preceding calendar year.

Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 10, No. 14, 12/05