03/04/2013
We have taken a certificate of deposit for collateral on a loan. The officer printed the assignment of deposit with the collateral description reading all existing and future accounts instead of the CD and number we actually took. Are we covered if the loan defaults?
05/01/2009
In order to satisfy fines and restitution ordered as a result of an earlier scheme, two defendants began a new multi-state advertising campaign scheme to attract buyers (mostly elderly) of non-exis
12/10/2007
When a loan is secured by a certificate of deposit held by the same organization should all names listed on the certificate sign the assignment if the C or D states "or" instead of "and"?
11/07/2005
I'm new to the compliance area for a small community bank. I came from a larger national bank where compliance was handled from a compliance deptartment. My question is the following:In reviewing several loans recently where we granted a loan for the purchase of land with a one year term with P and I due at maturity, I found no GFE, preliminary disclosure, or SDS. Are they needed on this type of loan? We also took as additional security a certificate of deposit. The note is a promissory note and does not have a security clause in it. We have an assignment of deposit account in file but no separate security agreement for the CD. I say we need one the lender says no. Who is right?
04/01/2005
Main Street Bank, Herndon, VA recently became the first locally owned bank in Virginia to offer customers FDIC insurance up to $10 million.
01/01/2005
Main Street Bank, Herndon, VA recently became the first locally owned bank in Virginia to offer customers FDIC insurance up to $10 million.
10/10/2004
ShoreBank Pacific illustrated its commitment to sustainability of industries indigenous to the Pacific Northwest by creating a credit card that benefits the Salmon Nation.
05/20/2002
We have opened an "non-traditional" banking facility that serves the Latino community. We are requiring that the new customer provide us with either a SSN or ITIN or attest that they have applied for same when opening a non-interest bearing account. I have been met with some resistance. Where can I find the requirement other than our Know Your Customer Policy, Money Laundering Policy and BSA Policy that makes this a federal requirement that banks absolutely must have Tax ID numbers on all accounts?
05/01/2002
(Editor's Note: Legislation has again been introduced to change the limits of FDIC Deposit Insurance which, if passed, will initiate many questions from our depositors.
07/01/1994
If all goes well, a new product will soon be offered by the financial industry in the form of a tax-deferred, insured, retirement Certificate of Deposit.