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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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Handling Reg E claims on older transactions.

06/23/2019

If an EFT claim is made long after the statement is sent showing the transaction, the rules of investigation don't apply. So why do we investigate any of these claims?

Open DBA Under LLC- Certificate of Assumed Name

06/23/2019

We have a LLC wanting to open a DBA under the LLC. The TIN number and the Article of Organization only has the LLC's name. 1. Does the LLC need to get an Certificate of Assumed Name filed with the Secretary of State? 2. Will they have to file the DBA at the county also? (We know at this time the DBA is filed under someone else's name at the county currently.)

Opening Online Acct. & Funding w/ACH Debits

06/16/2019

Our digital channel team would greatly appreciate your comments and confirmation of our understanding in order to comply with online account opening and funding for new clients with ACH Debits and the ability to hold funds. The questions below relate to an online account opening process for new clients. After completing the online application, approved clients have the option to fund their new account with funds from an external source – an account they hold at another bank - via an ACH Debit and we are the ODFI. 1. Can we place a hold on the initial funds received as an ACH Debit? Our understanding is “yes” because: · an ACH debit does not fall under the definition of an electronic payment under Reg. CC (II.Section229.2 Definitions (p)) Electronic Payment, which imposes no availability requirement, and we are free to hold the funds for a period that we determine. Restricting access to those funds would be reasonable to allow for the debit entry to reach the RDFI and be returned to our bank, the ODFI, if there is a problem. · We are not receiving an ACH credit as we are the ODFI of the ACH debit, and NACHA has no say in when we credit the new account, so there would be no violation of NACHA rules.</ul> 2. Would we be required to provide a hold notice to our online account applicant of the delay in availability or a notice at the time the external funding option is selected that the funds may not be credited to the account for “2-3 days”, or available for “2-3 days” suffice? Our understanding is: · a notice that indicates funds may not be available for x days at the time the customer selects the external funding option and submits their authorization should suffice as it becomes part of our agreement when the customer selects that funding option. · Reg. CC does not impose an availability requirement for ACH Debit transactions, so no Reg. CC hold notice is required. 3. Would our Reg. CC Policy – Funds Availability Notice, need to be updated to refer to availability from ACH Debit transactions? · Model language is silent in this regard, any recommendations or suggestions are welcome.

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