Upon the issuance of federal deposit insurance, the board of directors of each insured nonmember bank \2\ shall designate a security officer who shall have the authority, subject to the approval of the board of directors, to develop, within a reasonable time, but no later than 180 days, and to administer a written security program for each banking office.---------------------------------------------------------------------------
\2\ The term board of directors includes the managing official of an insured branch of a foreign bank for purposes of 12 CFR 326.0-326.4.---------------------------------------------------------------------------