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
Correct Answer:
Verified
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