Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
INACTIVE
This page is no longer active. Its content has expired or been rescinded by the FDIC.
Financial Institution Letter
UNIFORM COMMERCIAL CODE
February 28, 2001
Notes
 

FDIC
Federal Deposit Insurance Corporation
550 17th Street NW, Washington, DC 20549

TO: CHIEF EXECUTIVE OFFICER 
SUBJECT: FFIEC Statement on Revision to Article 9 of the Uniform Commercial Code 

The Federal Financial Institutions Examination Council (FFIEC) has issued the attached statement concerning a major revision to Article 9 of the Uniform Commercial Code (UCC) and its effect on financial institutions. Article 9 governs transactions involving the granting of credit secured by personal property.

Through the FFIEC, the federal regulators of banks, thrifts and credit unions are alerting financial institutions to the need to prepare for the changes brought about by the revision. The amended Article 9 contains a number of new or revised rules for secured transactions that affect financial institutions' procedures, systems and documentation, as well as the enforceability of security interests. Financial institutions and their legal counsel should carefully consider the changes in state law resulting from Article 9's revision.

For more information, please contact Robert D. Vilim in the FDIC's Division of Supervision at (202) 898-6511.

Michael J. Zamorski William F. Kroener, III 
Acting Director General Counsel 
Division of Supervision  

Attachment: FFIEC Statement On Revised Ucc Article 9 

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (800-276-6003 or (703) 562-2200). 

FIL-18-2001
Last Updated: February 28, 2001