N.Y. Comp. Codes R. & Regs. tit. 3 § 321.5
Every executive officer of a bank who becomes indebted to any domestic or foreign banking corporation other than the bank of which he or she is an executive officer or becomes indebted to any banking institution organized under the laws of the United States, in an aggregate amount greater than the amount specified for a category of credit in section 321.4 of this Part shall, within 10 calendar days of the date the indebtedness reaches such a level, make a written report to the board of directors of the bank of which he or she is an executive officer, stating the date and the amount of such loan or indebtedness and the security therefor. The reporting requirement may be satisfied by making the report to the secretary of the board within the allotted time and the subsequent presentation of the report to the board at its next scheduled meeting.
N.Y. Comp. Codes R. & Regs. Tit. 3 § 321.5