Primary Residences Subject to Reg O Reporting?

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Question:

Reg O - Directors (not Executive officers). Are primary residences subject to Reg O reporting for directors? Are there specifics to when they are or not be be reported such as on the mortgage system, loan side, 2nd lien or purpose like Executive officers?

Answer:

I'm not sure what you are asking. Loans subject to Regulation O to directors do not need to be reported (except on the call report) and depending on the dollar amount and the capital of the bank, they may need to be pre-approved by the board of directors. A primary residence loan to a director is no different than any other loan under Regulation O.