Volume 6, Issue 3
Page 9
St. Louis Fed’s upgraded site
State Bank Department
sharpens focus on Arkansas
SYSTEMS
Continued from Page 7
is an important component
A redesigned Web site
Bank of St. Louis and re-
recently launched by the
Hitting
of an effective audit pro-
cent speeches and presen- gram.
Federal Reserve Bank of the Links
tations – some on video – Legal risk is the risk of
St. Louis includes ex-
made by Bank President loss or harm from unen-
panded sections for the
James Bullard. forceable contracts, lawsuits
Bank’s three branches,
“Economic Snapshot”
The new online news- or adverse judgments,
including the one in Little
charts that display trends
room section of the Web which include regulatory
Rock.
statewide and in several
site features a Multimedia actions. Maintaining a
The sections provide
Arkansas cities.
section with video and properly trained staff in the
more news, information
Each branch page also
audio reports on a wide areas of operational and
and economic data charts
includes information
variety of business and regulatory compliance can
for each region.
about upcoming local
economic topics, includ- aid your institution in
The redesigned Web
events in the area.
ing commentary by the avoiding violations of laws
site was launched on May
Online registration to
Bank’s economists and and regulations.
25, 2009. The address is:
these events is available.
analysts. Reputational risk, perhaps,

http://www.stlouisfed.org/
The redesigned Web
In addition, users now poses the greatest risk. It is

site offers enhanced navi- the risk of loss or harm to a
There is a link to the
have a larger selection of
gation and more multime- bank’s public image from
Little Rock Branch page
news, publication and
dia features. negative publicity. The cor-
from the Web site’s home
report updates to choose
The home page in- nerstone of banking has
page. The Little Rock
from through expanded e-
cludes the latest top news been, and remains, confi-
page now features
mail alert and RSS feed
from the Federal Reserve
services. dentiality. The Gramm-
FILINGS
Leach-Bliley Act and subse-
fective.”
modity Credit Corpora-
quent rules and regulations
Continued from Page 1 The statute specifies
tion. These filings can
outline the regulatory ex-
filing in a county where a
that these filings must be
continue to be made in
pectations for your cus-
farmer operates.
made with the Secretary
the office of the circuit
tomer information security
As of the effective date
of State beginning in
clerk where the debtor is
program. In addition,
of the act – January 1,
2010. This includes fil-
located through Decem-
maintaining a patched, up-
2010 – “ … if a debtor is
ings to perfect a security
ber 31, 2012.
to-date technology infra-
engaged in farming opera-
interest in goods that are
After that date, these
structure is a crucial ele-
tions and the collateral
or are to become fixtures
filings are to be made only
ment in protecting cus-
described in a financing
and the financing state-
with the Secretary of
tomer information.
statement is an agricultural
ment is not filed as a fix-
State.
Without proper techno-
lien or a security interest in
ture filing.
Act 942 amends § 4-9-
logical safeguards in place
equipment used in farming
Financing statements
501, § 4-9-510 and § 4-9-
to protect a customer’s in-
operations, farm products,
for agricultural products
525 of the Arkansas
formation, the potential
or accounts arising from
and equipment currently
Code. The bill was
damage to a bank’s reputa-
the sale of farm products,
on file in a county circuit
passed without opposition
tion is immeasurable.
a filing with the circuit
clerk’s office will remain
in both chambers of the
Cutting spending by not
clerk of the county where a
effective until they are
General Assembly and
budgeting for essential au-
debtor is engaged in farm-
terminated or lapse.
signed into law by Gover-
dit, training and technology
ing operations of a financ-
The law provides a tem-
nor Beebe on April 6.
resources can lead to more
ing statement, a termina-
porary exception for a
Dunn noted that the
costly damage to your bot-
tion statement, or a con-
UCC filing to perfect a
bill’s supporters worked
tom line in the long term.
tinuation statement to ex-
lien on a farm-stored
closely with the Secretary Your bank’s reputation
tend the effectiveness of a
commodity that secures a
of State’s office and lend- and good name in the com-
financing statement is inef-
loan through the Com-
ers. munity could be on the line.
September 30, 2009
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