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?
A.
A system in which the bank annually surveys all executive officers of First National and its affiliates to determine the insiders' related interests
B.
A system in which the bank asks all borrowers as loans are made whether the borrower is a related interest of an insider
C.
A system that surveys insiders of First National annually and requires each insider to disclose his or her related interests
D.
A system that requires an annual survey of affiliate insiders
Regulation O requires banks to establish and maintain recordkeeping systems to monitor and report insider transactions. This includes surveying insiders (executive officers, directors, and principal shareholders) annually to disclose any related interests they may have. This information is crucial for ensuring compliance with Regulation O and preventing conflicts of interest. Therefore, option C best describes the recordkeeping system required by Regulation O.
upvoted 1 times
...
Log in to ExamTopics
Sign in:
Community vote distribution
A (35%)
C (25%)
B (20%)
Other
Most Voted
A voting comment increases the vote count for the chosen answer by one.
Upvoting a comment with a selected answer will also increase the vote count towards that answer by one.
So if you see a comment that you already agree with, you can upvote it instead of posting a new comment.
Cam22
4 months ago