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#2284457 - 05/12/23 12:57 PM Consumer Loan Secured by Farmland
Antilles Offline
100 Club
Antilles
Joined: Jan 2007
Posts: 228
Southern US
We have a consumer purpose loan (debt consolidation) that the individual who is the sole member of a Farm LLC. He borrowed money to pay off personal debt secured by the farmland. The call report code is 1B. Would I report this on our CRA small business/small farm LAR as its secured by farmland even though it is a consumer purpose loan on a consumer note?
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#2284459 - 05/12/23 01:13 PM Re: Consumer Loan Secured by Farmland Antilles
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 85,290
Galveston, TX
Based on the definitions of small business and small farm in 228.12, you follow the instructions found here: https://www.fdic.gov/resources/bankers/call-reports/crinst-031-041/2017/2017-03-rc-c2.pdf

To me, it would appear that you would, as I see no specific exclusions based on actual loan purpose.
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#2284464 - 05/12/23 02:20 PM Re: Consumer Loan Secured by Farmland Antilles
Antilles Offline
100 Club
Antilles
Joined: Jan 2007
Posts: 228
Southern US
Thank you.
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