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#2176517 - 05/03/18 04:38 PM Re: Loan Renewals and Beneficial Ownership JobSecurity
CompGuy15 Offline
New Poster
Joined: Nov 2004
Posts: 11
New York
"Also get the signed statement they will notify you of any changes to keep from having to get the certification on every extension."

I'm not sure so just tossing it out there:

I thought obtaining a statement that we will be advised of changes in beneficial ownership was an acceptable approach for eliminating the need for a new BO form when a CD auto-renews at maturity but wasn't acceptable as it relates to loan triggering events. Rather the form would need to be completed at every loan triggering event - even if such a statement to provide us notice of changes was in place.

Again, don't know for sure but you may want to confirm the contemplated handling is acceptable.

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#2176520 - 05/03/18 04:39 PM Re: Loan Renewals and Beneficial Ownership JobSecurity
BrianC Offline
Power Poster
Joined: Nov 2004
Posts: 6,510
Question 12 discusses CD and loan renewals.
Sola Gratia, Sola Fides, Sola Scriptura, Solus Christus, Soli Deo Gloria!

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#2176609 - 05/03/18 08:34 PM Re: Loan Renewals and Beneficial Ownership BrianC
Compliance Lover Offline
Platinum Poster
Joined: Aug 2008
Posts: 555
I have a question on this. I don't have a problem with CD renewals but if you have a loan that has an extension of the maturity date or a change in interest rate or other terms, is FAQ question 12 saying you can have them certify their beneficial ownership form is correct and that they will notify you of any changes and then if they had to extend the loan again, you would be covered? I guess the reason this confuses me is because on a CD you know it could auto renew forever but a loan wouldn't necessarily ever have more than one renewal, but it could.

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