N.Y. Banking Law § 474

§ 474. Loan reports to directors. 1. The credit committee shall\nprepare and submit written reports to the board of directors of all\nloans approved or disapproved. If there is no credit committee, the\nboard of directors shall designate, by resolution, a loan officer or\nofficers whose duty it shall be to prepare and submit such written\nreports to the board.\n 2. These written reports shall be submitted to the board of directors\nat every regular monthly meeting of the board. Such written reports\nshall include a detailed description of any collateral securing these\nloans.\n 3. The superintendent may promulgate regulations relating to the\nprovisions of these loan reports.\n