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We have a customer that may become a Board Member and he has existing loans with the Bank. We understand that the current loans are grandfathered but are we allowed to modify the loan or maintenance the existing loans? We have been doing research and the only thing we can find says it prohibits the extension of credit but does not prohibit maintenance. So is maintenance the same as modifying? We can’t find an explaination under Reg. O regarding modifing a loan vs. doing maintenance on a loan? Can anyone give me any guidance on this?
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