Skip to content
GeoDataVision
Thread Options
#2154758 - 11/26/17 07:15 AM Loan renewal-originally used to finance patent
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Loan renewal where the original purpose was to finance a patent. The loan is secured by stock and the borrower is an individual. is this CRA reportable?
_________________________
Go Packers

Return to Top
CRA
#2154855 - 11/27/17 06:06 PM Re: Loan renewal-originally used to finance patent Bec
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Bump and adding:

If there is a loan that I feel is reportable, but is included on the call report, should I not report it?
_________________________
Go Packers

Return to Top
#2154887 - 11/27/17 07:40 PM Re: Loan renewal-originally used to finance patent Bec
RR Jen Offline
Power Poster
RR Jen
Joined: May 2003
Posts: 3,759
Running and riding everywhere ...
I don't think I'm completely following. Let's back up a step. What's the call code on the loan in question and the loan amount?
_________________________
I don't need any more negativity in my life...be positive and helpful people or I will kick you in the shins!!!

Return to Top
#2154966 - 11/27/17 11:52 PM Re: Loan renewal-originally used to finance patent Bec
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
For the first question:
The loan is $13,581.61 and the call code was RC-C4 Commercial and Industrial loans
_________________________
Go Packers

Return to Top
#2155202 - 11/28/17 10:55 PM Re: Loan renewal-originally used to finance patent Bec
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
bump
_________________________
Go Packers

Return to Top
#2155206 - 11/28/17 11:17 PM Re: Loan renewal-originally used to finance patent Bec
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,912
Galveston, TX
Why is this considered a commercial or industrial loan? If I decided to patent my new mouse trap personally and got a loan to help do it, it would be a personal loan. I'm a little lost.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2155442 - 11/29/17 11:24 PM Re: Loan renewal-originally used to finance patent Bec
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Not going to disagree with you there, but for some reason this note was put on commercial paper and coded as indicated above.
So that is my bigger question. This loan is coded to report on RC-C4 section on the call report, but in my opinion, this is not a small business CRA reportable loan. Or is it, because it is on the call report?
_________________________
Go Packers

Return to Top
#2155443 - 11/29/17 11:28 PM Re: Loan renewal-originally used to finance patent Bec
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,912
Galveston, TX
Sounds like you may have multiple issues.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2155750 - 12/01/17 06:01 PM Re: Loan renewal-originally used to finance patent Bec
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
This is true. But no time for that, what about the matter at hand smile
_________________________
Go Packers

Return to Top
#2155754 - 12/01/17 06:03 PM Re: Loan renewal-originally used to finance patent Bec
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,912
Galveston, TX
It is coded wrong and needs to be changed.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2156093 - 12/05/17 08:52 PM Re: Loan renewal-originally used to finance patent Bec
TryingtoComply Offline
Diamond Poster
Joined: Apr 2013
Posts: 1,980
The West
Agree. Don't go by the call code. Determine if the call code is correct to begin with. I've worked at too many banks where the employees responsible for this task have no idea what they are doing.
_________________________
TryingToComply
CRCM

Return to Top
#2156728 - 12/10/17 05:58 PM Re: Loan renewal-originally used to finance patent Bec
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Ok, so if I have determined that it is personal use, I should not report it, even if it is on the call report, correct. Probably fix the code so that it no longer reports on the call report the way it currently is, correct?
_________________________
Go Packers

Return to Top
#2156906 - 12/12/17 04:14 PM Re: Loan renewal-originally used to finance patent Bec
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
bump
_________________________
Go Packers

Return to Top
#2156909 - 12/12/17 04:20 PM Re: Loan renewal-originally used to finance patent Bec
CRAzy_lady Offline
Member
Joined: Dec 2012
Posts: 56
I have the code corrected when I feel it's incorrect.

Return to Top