Is there an FDIC requirement to conduct a stock ownership search to ensure loans are not being secured by stolen stock certificates? If so, does anyone know where I can find it?

Is there also a requirement that we maintain an agreement with a stock ownership verification service even if we do not use the service? Again, if anyone can point me in a research direction, I'd appreciate it.

There sure used to be. It's been a long time since I wore that hat. If you don't get the answer by tomorrow I will e a buddy of mine in the Memphis RO and get the exact cite for you.

In another life, we had to perform a "Lost and Stolen Securities Inquiry" with the SEC whenever a loan was secured by stocks/securities that had a CUSIP number and the value of them was more than $10,000. There were three exemptions (received them directly from the issuer or issuing agent, received them from another reporting institution or FRB or received them from a customer who had previous stock secured loans with us).

I have no idea what the cite is for this - perhaps if Magic Banker reads this he can tell us.

FDIC Requirement for insured banks

Thank you kaybee

Thanks!

That thanks was me...Thanks again.