N.Y. Comp. Codes R. & Regs. tit. 3 § 324.1
Sections 121 and 252 of the Banking Law provide for a monthly report to the board of directors or the executive committee of such board of each bank, trust company or savings bank containing certain information as listed by the statute except as otherwise provided by the superintendent by regulation. This Part establishes the requirements as to the minimum content of such monthly report. Nothing in this Part shall be deemed to imply that the responsibility of management to keep its directors informed in the areas of loans and investments will be met solely through the fulfillment of these reporting requirements. It is emphasized that it remains the responsibility of management to keep directors informed of any important developments in these areas, and directors continue to have the responsibility to keep so informed.
N.Y. Comp. Codes R. & Regs. Tit. 3 § 324.1