General Session

Frank Drake

Business & Organization Account Opening
Frank Drake, Esq., Smith Debnam Narron Drake Saintsing & Myers, Raleigh, North Carolina

CU’s usually have much broader experience making personal loans and providing deposit account services to consumers than offering business loans and deposit accounts to entrepreneurs and business entities.  Although the initial account opening and application paperwork can look deceptively similar, different laws apply and different requirements exist.  In 2016, the NCUA overhauled the regs for MBLs.  The aim if this segment is to confirm your compliance with documentation requirements and best practices for establishing depositary accounts for business entities and  offering them credit accounts.  It will also show you some useful methods to minimize your risk of loss.

Knowledge Level: Basic
No Prerequisites or advanced preparation required
Field of Study: Business Management & Organization

About Frank Drake

Franklin Drake has been a partner in the Raleigh, North Carolina law firm of Smith Debnam Narron Drake Saintsing & Myers since 1994, following a sixteen year practice specializing in creditor's rights, bankruptcy, and repossession law in Louisville, Kentucky. There, he was Senior Vice-President of William Mapother's law firm.  Mr. Drake graduated from the University of North Carolina in 1975 with a B.A. with honors and with his law degree in 1978. He has practiced in North Carolina, Kentucky, West Virginia and the federal courts of southern Indiana. For the last 30 years, he has lectured regularly at practical training courses, bankruptcy and regulatory compliance programs and webinars. Sponsors include NASCUS, CUNA, NAFCU, ACUIA, AACUL, NCUMA, state regulators and more than two dozen state credit union leagues across the US. His articles on the practical application of laws and regulations to credit union procedures have appeared in state bar magazines, nationally distributed newsletters and on the Internet. For the past 31 years, Frank has advised and represented most of the major secured and unsecured financers on secured lending, bankruptcy and regulatory compliance matters. He especially enjoys guiding his clients around compliance pitfalls and how NOT to get sued.

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