Financial institutions today, Jan. 2009

Inside this issue:

FinCEN Releases

2

Money Services

Businesses BSA/AML

Examination Manual

DBF Outreach and

2

Upcoming Speaking

Engagements

Action on

3

Applications for the

Month of January

News and topics of interest to financial institutions regulated by the Department of Banking and Finance

Monthly Bulletin #1

January 2009

FDIC Issues Final Rule on Processing of Deposit Accounts in the Event of Depository Institution Failure
On January 27, 2009, the Federal Deposit Insurance Corporation (FDIC) issued a final rule on processing deposit accounts in the event of failure. The final rule applies to all FDIC-insured institutions and establishes the FDIC's practices for determining, for deposit insurance and receivership purposes, deposit and other account balances at a failed depository institution.

The final rule is effective July 1, 2009, and requires that insured depository institutions inform their sweep account customers of the nature of their swept funds and how those funds would be treated if the institution should fail. Excluded from the requirement are sweep arrangements where funds are moved between deposit accounts and the deposit insurance available to the customer is unchanged.

The final rule can be viewed on the FDIC's website at: http://www.fdic.gov/news/ board/22Jan09_Rule_Claims.pdf

Financial Regulators Release Guidance on Risk Management of Remote Deposit Capture
On January 14, 2009, the Federal Financial Institutions Examination Council (FFIEC) issued guidance for examiners, financial institutions, and technology service providers to identify risks, evaluate controls, and assess risk management practices related to remote deposit capture (RDC) systems.
The guidance, Risk Management of Remote Deposit Capture, addresses the essential elements of RDC risk management. Among other things, the guidance concludes that financial institutions offering RDC must:
Have sound risk management and mitigation systems that addresses the potential legal, compliance, reputation, and occupational risks of an RDC system,
Identify the related types and levels of risk exposure prior to implementing RDC and periodically thereafter,
Identify the roles, responsibilities and liabilities of all parties through comprehensive contracts and customer agreements,
Require adequate risk management at their customers' locations, Implement appropriate technology and process controls at both the financial institution and the
customer's locations, and In coordination with customers, implement risk measurement and monitoring systems.
You may access the FFIEC press release at: http://www.ffiec.gov/press/pr011409.htm For a copy of the FFIEC RDC Guidance, go to: http://www.ffiec.gov/pdf/pr011409_rdc_guidance.pdf

"Safeguarding Georgia's Financial Services"

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FinCEN Releases Money Services Businesses BSA/AML Examination Manual
On December 9th, the Financial Crimes Enforcement Network (FinCEN) announced the release of a manual to provide guidance to officials examining money services businesses (MSBs) for compliance with the requirements of the Bank Secrecy Act (BSA). Several organizations collaborated on this manual to ensure consistency in the application of BSA requirements, including: the Internal Revenue Service, state agencies responsible for MSB regulation, the Money Transmitter Regulators Association (MTRA), the Conference of State Bank Supervisors (CSBS), and FinCEN.
The "Bank Secrecy Act / Anti-Money Laundering Examination Manual for Money Services Businesses" describes in detail the common framework to be used when examining MSBs. The new manual contains an overview of AML program requirements, BSA/AML risks and risk management expectations, sound industry practices, and examination procedures. The manual also contains an industry overview section, developed in collaboration with industry representatives.
Key aspects of the approach concern the risk assessment process - both by the MSB in establishing its policies and also by the regulator in determining the depth of review and transaction testing. MSBs should clearly document their risk and have risk based policies and procedures. It is then important for the MSB to closely follow their documented procedures. Oversight by the Principal MSB of any agents is also critical. Then, a detailed independent review by qualified persons will go a long way towards helping to understand and address risk.
Where risks are low or have been effectively mitigated, the regulators may perform less transaction testing. Entities at higher risk, who have not effectively mitigated risk, have not corrected identified issues, or are found not to be in compliance with the BSA and/or their own policies, will be subject to increased scrutiny.
DBF Outreach AND UPCOMING SPEAKING ENGAGEMENTS
Commissioner Rob Braswell will be participating in a panel during the UGA Terry College of Business's Annual Southeast Management and Directors College being held on February 12th at the Gwinnett Center. Deputy Commissioner for Non-Depository Financial Institutions Rod Carnes will be giving a "Law & Rule" update on February 12th to the Mortgage Brokers Association. Commissioner Rob Braswell and Deputy Commissioner for Non-Depository Financial Institutions Rod Carnes will be speaking to the Mortgage Bankers at the State Capitol on February 17th at 8:00 a.m. Deputy Commissioner for Supervision Kevin Hagler will be speaking on February 5th at the CBA Tax & Regulatory meeting. He will also be speaking on February 11th to the State Bar - Institute of Continuing Legal Education in Georgia and on February 26th at the CBA Directors' College, Pine Mountain, GA (Callaway Gardens). Various Department staff members will be attending the 5th Annual GREFPAC Conference being held on February 20th at the Cobb Galleria Convention Centre. For more information, go to GREFAC's website at http://www.grefpac.org/conf_info.html. District Director Lori Binford will be speaking at a meeting of the Georgia Appraiser's Coalition being held on March 5th at The Blue Room of the Georgia Freight Depot.

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Action on Applications for the Month of January:
The following is a summary of official action taken on applications by State Financial Institutions under Chapter 7-1 of the Code of Georgia and petitions for Certificate of Incorporation of Financial Institutions and other matters of interest during the month of January 2009.

APPLICATIONS FOR NEW FINANCIAL INSTITUTION

FINANCIAL INSTITUTION North Metro Bank Highway 9 & Bethelview Drive Cumming, GA 30040 Forsyth County

CAPITALIZATION $ 22,000,000

APPROVAL Withdrawn 01-06-2009

BEGIN BUSINESS

APPLICATIONS TO ESTABLISH A BRANCH OFFICE

FINANCIAL INSTITUTION Citizens Trust Bank Atlanta

BRANCH OFFICE Stone Mountain Street Branch Office 3065 Stone Mountain Street Lithonia, GA 30058 DeKalb County

APPROVAL Pending

BEGIN BUSINESS

SunTrust Bank Atlanta

Clint Moore Road Branch Office 6653 Jog Road Boca Raton, FL 33496 Palm Beach County

01-26-2009

SunTrust Bank Atlanta

The Forum Branch Office 3330 Forum Boulevard Fort Myers, FL 33905 Lee County

01-26-2009

Columbus Bank and Trust Company Columbus

Buena Vista Branch Office 4505 Buena Vista Road Columbus, GA 31907 Muscogee County

01-13-2009

Ameris Bank Moultrie

West Main Street Branch Office 707 West Main Street Lexington, SC 29072 Lexington County

02-15-2008

01-12-2009

Southwest Georgia Bank Moultrie

Valdosta Branch Office 3400 North Valdosta Road Valdosta, GA 31602 Lowndes County

Pending

APPLICATIONS TO CHANGE LOCATION

FINANCIAL INSTITUTION

CHANGE LOCATION OF

SunTrust Bank

Great Falls Branch Office

Atlanta

From: 9883 Georgetown Pike

Great Falls, VA

Fairfax County

To: 9912 Georgetown Pike

Great Falls, VA 22066

Fairfax County

APPROVAL 01-20-2009

EFFECTIVE

Page 4 PROPOSED NAME SB&T Bank
Security Bank of Georgia SunCoast Credit Union

APPLICATIONS FOR RESERVATION OF A NAME

COUNTY Dougherty County

APPLICANT Mr. Michael J. Shumaker Bryan Cave Powell Goldstein One Atlantic Center, Fourteenth Floor 1201 West Peachtree Street, NW Atlanta, GA 30309-3488

Bibb County

Mr. Michael N. White Martin Snow, LLP Post Office Box 1606 Macon, GA 31202-1606

Glynn County

Mr. B R. Gibson President/CEO Sea Island Credit Union 4401 Altama Avenue Brunswick, GA 31520-3006

FINANCIAL INSTITUTION MERGERS

FINANCIAL INSTITUTION
(SURVIVOR) Security Bank and Trust Company of Albany Albany, GA

MERGED INSTITUTION Sumter Bank and Trust Company Americus, GA

APPROVAL EFFECTIVE Pending

IBM Southeast Employees' Federal Credit Union CMAR Credit Union

Boca Raton, FL

Marietta, GA

01-30-2009

Security Bank of Bibb County Macon, GA

Security Bank of North Fulton Alpharetta, GA

Pending

Security Bank of Bibb County Macon, GA

Security Bank of Jones County Gray, GA

Pending

Security Bank of Bibb County Macon, GA

Security Bank of Houston County Perry, GA

Pending

Security Bank of Bibb County Macon, GA

Security Bank of Gwinnett County Suwanee, GA

Pending

Security Bank of Bibb County Macon, GA

Security Bank of North Metro Woodstock, GA

Pending

First Gulf Bank, National Association Pensacola, FL

RBC Bank (Georgia) Atlanta, GA

Pending

CREDIT UNION Credit Union of Georgia Woodstock
LGE Community Credit Union Marietta

NOTIFICATION OF APPROVAL OF APPLICATION TO SERVE A RESIDENTIAL GROUP COMMON BOND

RESIDENTIAL GROUP COMMON BOND Cherokee County, GA

APPROVAL 01-20-2009

Paulding County, GA

01-22-2009

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CHECK CASHER LICENSES ISSUED

CITY Riverdale Cairo Jasper Marietta Atlanta Chatsworth Decatur Cedartown Pooler Macon Dalton Columbus Cartersville Lawrenceville Dublin Woodstock Lilburn

APPLICANT NAME * Akshay, Inc. * Blough Tech, Inc.
BuckAtlanta Investments, Inc. Charlie's Beer & Wine, Inc. * Enlighten Enterprise, Inc. * Gallons 2 Go, Inc. Golden Forest Spirits, Inc. * Humza, Inc. Jack in the Box Check Cashing, Inc. * KBAP Inc. * La Michoacana Enterprises, Inc. * MJ's Bill Pay & Tax Services, LLC * Mee-Jays, Inc. Neighborhood Financial CenterInc. * Robert Lee Bailey * Sahithi, LLC Secure Investments Inc.

TRADE NAME Citgo Food Mart
Charlie's Beer & Wine One Stop Shop
Hal's Beer and Wine Super Grand's Jack in the Box Check Cashing Shurlington Food Mart La Michoacana
Citgo Express
Robert Lee Bailey S & J Food Mart

* =Registered (O.C.G.A. 7-1-700 et al)

MONEY TRANSMITTER BraxUSA, LLC Kennesaw, GA

MONEY TRANSMITTER LICENSES ISSUED
APPROVAL 01-21-2009

GEORGIA
DEPARTMENT OF BANKING AND FINANCE
2990 Brandywine Road Suite 200
Atlanta, Georgia 30341-5565
Phone: (770) 986-1633 Fax: (770) 986-1654 or 1655 Email: dbfpress@dbf.state.ga.us

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The Department is the state agency that regulates and examines banks, credit unions, and trust companies chartered by the State of Georgia. The Department also has regulatory and/or licensing authority over mortgage brokers, lenders, and processors, money service businesses, international banking organizations, and bank holding companies conducting business in Georgia.
Our Mission is to promote safe, sound, competitive financial services in Georgia through innovative, responsive regulation and supervision.
Our Vision is to be the best financial services industry regulator in the country Progressive. Proactive. Service-Oriented.

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"Safeguarding Georgia's Financial Services"