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What is the longest time after board approval that a bank can approve a line of credit for an executive officer?

  1. 12 months of such approval
  2. 9 months of such approval
  3. 14 months of such approval
  4. 6 months of such approval

Answer(s): C



First National Bank would like to adopt a recordkeeping system that complies with the requirements of Regulation O. Which of the following best describes the recordkeeping system required by Regulation O?

  1. A system in which the bank annually surveys all executive officers of First National and its affiliates to determine the insiders' related interests
  2. A system in which the bank asks all borrowers as loans are made whether the borrower is a related interest of an insider
  3. A system that surveys insiders of First National annually and requires each insider to disclose his or her related interests
  4. A system that requires an annual survey of affiliate insiders

Answer(s): C



First National Bank would like to adopt a recordkeeping system that complies with the requirements of Regulation O. Which of the following best describes the recordkeeping system required by Regulation O?

  1. A system in which the bank annually surveys all executive officers of First National and its affiliates to determine the insiders' related interests
  2. A system in which the bank asks all borrowers as loans are made whether the borrower is a related interest of an insider
  3. A system that surveys insiders of First National annually and requires each insider to disclose his or her related interests
  4. A system that requires an annual survey of affiliate insiders

Answer(s): C



First National Bank would like to adopt a recordkeeping system that complies with the requirements of Regulation O. Which of the following best describes the recordkeeping system required by Regulation O?

  1. A system in which the bank annually surveys all executive officers of First National and its affiliates to determine the insiders' related interests
  2. A system in which the bank asks all borrowers as loans are made whether the borrower is a related interest of an insider
  3. A system that surveys insiders of First National annually and requires each insider to disclose his or her related interests
  4. A system that requires an annual survey of affiliate insiders

Answer(s): C






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