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#857884 - 11/20/07 03:21 PM Personal Loan to Commercial Fisherman...
MB Guy Offline
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Way, way south.
OK, we have a personal loan to an individual who is a commercial fishman, and the Call report instructions for a “3” indicate to include loans to farmers (which include commercial fishermen) for personal expenses.

So, does this go on our CRA LAR as a Small Business Loan?

Thanks.
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#857985 - 11/20/07 04:21 PM Re: Personal Loan to Commercial Fisherman... MB Guy
Mrs. Rizzo Offline
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Curled up by the fire...
I think it's to finance fisheries and forestries (something related to him being a commercial fisherman) not just any personal (consumer) note for personal expenses.
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#858011 - 11/20/07 04:34 PM Re: Personal Loan to Commercial Fisherman... Mrs. Rizzo
bubs63 Offline
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bubs63
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Highland Park IL
I agree with Rizzo, the loan must have a business or farm purpose.
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#858036 - 11/20/07 04:44 PM Re: Personal Loan to Commercial Fisherman... bubs63
MB Guy Offline
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Way, way south.
Per the Call Report Instructions:

Under Item 3:

(6) Loans and advances to farmers for all other purposes associated with the maintenance or operations of the farm, including purchases of private passenger automobiles and other
retail consumer goods and provisions for the living expenses of farmers or ranchers and their families.

I have a Loan Ops Mgr fighting me here....
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#858068 - 11/20/07 05:04 PM Re: Personal Loan to Commercial Fisherman... MB Guy
Mrs. Rizzo Offline
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Mrs. Rizzo
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Curled up by the fire...
The only place fishermen are addressed is in 2...I still wouldn't report it.
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#858141 - 11/20/07 05:52 PM Re: Personal Loan to Commercial Fisherman... Mrs. Rizzo
MB Guy Offline
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Fisherman are considered Farmers.
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#858181 - 11/20/07 06:13 PM Re: Personal Loan to Commercial Fisherman... MB Guy
Mrs. Rizzo Offline
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Mrs. Rizzo
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Curled up by the fire...
Well then if it fits the definition on the CALL report, report it.
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#858227 - 11/20/07 06:37 PM Re: Personal Loan to Commercial Fisherman... Mrs. Rizzo
#Just Jay Offline
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Cheeseheadland
Is there any concern as to what the fishermen are fishing/farming though?

Like geo ducks which you pluck outta the sand vs dolphins which you scoop out of the water?? Basically, does thier posistion in the sand and water influence if they are a farmer or not?
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#858251 - 11/20/07 06:49 PM Re: Personal Loan to Commercial Fisherman... #Just Jay
Don_Narup Offline

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Las Vegas Nevada
Unless you classify a loan as CRA Type 1 Small Business or CRA Type 2 Small Farm it is not sent in your annual CRA submission. CRA Type 3's are classified as consumer loans and unless you are submitting consumer loans they are not transmited in the LAR.

You can track type 3's and give them to examiners for consideration during an exam. But better check with your examiner as many examiners do not take the time to consider them.

What was the personal expense to the Fisherman. If its not related to a Commercial Fishing business its not reportable. Otherwise it could be a Small Farm loan CRA Type 2. So check out the purpose that will be the deciding factor.
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#858264 - 11/20/07 06:56 PM Re: Personal Loan to Commercial Fisherman... #Just Jay
Mrs. Rizzo Offline
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Curled up by the fire...
Originally Posted By: bbsgrant
Is there any concern as to what the fishermen are fishing/farming though?

Like geo ducks which you pluck outta the sand vs dolphins which you scoop out of the water?? Basically, does thier posistion in the sand and water influence if they are a farmer or not?



geoduck
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#858291 - 11/20/07 07:12 PM Re: Personal Loan to Commercial Fisherman... Don_Narup
MB Guy Offline
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Way, way south.
Originally Posted By: Don_Narup
Unless you classify a loan as CRA Type 1 Small Business or CRA Type 2 Small Farm it is not sent in your annual CRA submission. CRA Type 3's are classified as consumer loans and unless you are submitting consumer loans they are not transmited in the LAR.

You can track type 3's and give them to examiners for consideration during an exam. But better check with your examiner as many examiners do not take the time to consider them.

What was the personal expense to the Fisherman. If its not related to a Commercial Fishing business its not reportable. Otherwise it could be a Small Farm loan CRA Type 2. So check out the purpose that will be the deciding factor.


Don, you are the man.
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