The board of directors of member banks should receive reports from any executive officer who is indebted to foreign banks in excess of the amounts specified in section 22(g) of the Federal Reserve Act. The term bank as used in section 22(g)(6) includes foreign banks.STAFF OP. of Dec. 10, 1979.irectors and executives of inactive subsidiaries of a bank holding company are not considered executive officers for the purposes of Regulation O if they are not involved in the subsidiary bank's policies and affairs. STAFF OP. of July 12, 1979.