Record Keeping Requirements - 12 CFR 215.8

D

Sure, I'd be happy to provide a detailed explanation of the correct answer to this question.

The correct answer is D. All of these.

Regulation O is a regulation that applies to insider transactions at banks. Insiders are individuals who are affiliated with the bank, such as directors, officers, and principal shareholders. The purpose of Regulation O is to prevent insider abuse, which can occur when insiders use their position to benefit themselves at the expense of the bank.

One of the requirements of Regulation O is that banks must establish a recordkeeping system to keep records necessary for compliance with the regulation. This is stated in 12 CFR 215.8(a), which says that "Each bank shall establish a recordkeeping system to keep records necessary for compliance with this part."

In addition to this general requirement, there are specific recordkeeping requirements that must be met. These are listed in 12 CFR 215.8(b), which states that "The recordkeeping system required by paragraph (a) of this section must include, at a minimum, the following:"

1. An annual survey of insiders to identify related interests, or a requirement as part of each extension of credit that the borrower indicates whether he or she is an insider.

2. The maintenance of records of all credit to insiders, including the amounts and terms.

So, in summary, banks must establish a recordkeeping system to keep records necessary for compliance with Regulation O, and this system must include specific requirements related to insider transactions. Additionally, banks cannot use an alternative recordkeeping method for insiders of affiliates unless the bank's regulatory agency determines the bank's method is at least as effective as that required by Regulation O.