I'm not even familiar with this regulation. I read the regulation. Does this mean that we don't need to report CDARS Leaps on REG F, since exposure never exceeds 100,000.

Reg F relates strictly to correspondent bank deposits and investments (CD's) that exceed $100,000. It comes into play, big time, when an institution is depositing funds in excess of $100,000 in a bank that is not 'well-capitalized' as outlined within the regulation. A quarterly report to the board is required under Reg F covering all accounts that exceed $100,000 in correspondent banks.