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Latest Compliance - Article 9 Topics

Certificate of Deposit from other Banks-Collateral

08/06/2012

A customer wants to pledge Certificates of Deposits from other banks as collateral for a loan at our bank. Where do I find forms and what are disclosures? $100,000 10years monthly payments set up like a mortgage payment.

What are Consumer Goods for Art. 9?

10/04/2004

Under the revised Article 9, we are required to terminate the UCC on consumer goods when the debt is satisfied. What is the definition of consumer goods?

RA9, Continuation, And The Need For An Initial Filing Statement

07/15/2002

I noted on your Roadmap that you indicated a transaction subject to RA9, with security interested perfected under old A9, perfected by filing, in the correct state, with the correct filing, should be continued prior to the normal lapse date by an initial financing statement. I was under the impression that a correctly filed security interest subject to a UCC1 filing under old A9 that meets all the requirements of RA9 should be continued by virtue of a UCC-3 continuation within the window period prior to the normal lapse date, not by an initial filing statement. Please clarify the need for an initial filing statement. Up to this point, I had understood that the initial filing statement was the means to maintain your lien position at the same time you were "correcting" or bringing into compliance with RA9 a filing not meeting the requirements of RA9, but for which you had been perfected under prior A9.

Handling A UCC Release

12/03/2001

Does the bank have to record the release of a UCC, or is it sufficient to sign the release and give it to the customer and let them deal with it?

Continuation: Clarification on the Filing Requirements

05/07/2001

Can I get a clarification on the filing requirements under the new article for a continuation. I was under the impression that if a continuation was filed PRIOR to the July 1st effective date that it would be filled in accordance with the current Article 9 rules and that it would be effective. Basically, do we have to file an "in lieu" financing statement prior to the effective date or do we file the same way we have in the past?

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Copying ID Documents

Question: I represent an unregulated lending entity which is a wholly owned subsidiary of a large cooperative. We lend (indirectly) in approximately 20 states.

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Reg E Question About Credit Card Fraud

10/25/2020

When a cardholder has a fraud alert on their card and they tell the fraud center that the transactions are NOT fraud, the fraud center reopens the card. Now the customer has roughly 10 or more charges from the same company that she just said were not fraud. Now she is claiming that they are all fraud. (including the original charges) What do we do?

Chamber of Commerce Cash & Prize Giveaway

10/25/2020

Our Chamber of Commerce is hosting a cash & prize giveaway to encourage people to shop local during the holidays. As a member of the Chamber of Commerce, the bank has been asked to pass out tickets as entries to win. Each business has a limited number of tickets. Employees of the bank are not allowed to obtain any tickets from the bank, but can from other businesses participating. My question is, can we offer multiple tickets as incentives for our customers to use other services we offer? Examples would be: 1) A customer comes in to make a deposit= 1 ticket. If they sign up for online banking while here we will offer an additional ticket. 2) A non customer comes in to cash a check= 1 ticket. If they open an account with us we will offer additional tickets. 3) A customer asks about a home loan= 1 ticket. If they qualify, they can earn additional tickets. If they decide to finance with us more tickets.

How to Complete a CTR for Local Diocese

10/18/2020

A question came up during a recent audit in regards to how a CTR would be completed for a local Diocese. This particular Diocese has a few different churches using the same EIN. Our system recognizes large currency transactions that we compare to see if a CTR was completed. My question is, would a CTR be filed on that specific church when deposits of cash are over $10k, or on the Diocese?

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