The Nebraska Banking Act section 8-143.01 has been amended to remove the requirement for Executive Officers to annually report all loans or indebtedness to the Bank’s Board of Directors. The Board of Directors may obtain a credit report, on an annual basis, for any or all Executive Officers if they so wish. Banks are encouraged to review the policies and procedures for Executive Officers to update new Nebraska State Law requirements. LB279, passed in February 2024, can be found here.

CCI suggests sharing this information with the individuals in charge of Regulation O requirements at your bank. CCI is happy to help with any compliance-related questions.