Inside this issue: Action on Applications 2 for the Month News and topics of interest to financial institutions regulated by the Department of Banking and Finance February 2017 Cybersecurity: Corporate Account Takeover Cybersecurity has been a hot topic for state-chartered financial institutions with much focus on overall awareness, measurement of an institution's progress through the use of the cybersecurity assessment tool, and effectiveness of the implementation of robust governance and risk management processes. Regulators even updated the rating system for the area of Information Technology to include sub-ratings over four topics that are crucial to manage the overall risk. Correspondingly, the examination process has been enhanced to provide a framework to present findings in a format that captures and organizes the findings under those topics. Corporate Account Takeover continues to be one segment of cybersecurity concerns. Cyber breaches with a significant impact can begin as account takeover when inadequate security practices and human weaknesses are exploited. All too often, basic security protocols are not followed such as patching, network segmentation, and least-privileged access. Human errors and social engineering contribute to account takeover as well. For example, employees who disclose their roles on social media may inadvertently provide information that leads to unauthorized access. The website for the National Automated Clearing House Association, https://www.nacha.org/, offers a Current Fraud Threats Resource Center that includes information on Sound Business Practices to help financial institutions and businesses mitigate account take over risk. This same section provides a Policy Statement on the Importance of Sound Business Practices to Mitigate Account Takeover, Fraud Advisories for businesses and consumers, and Operations Bulletins. Additionally, this section includes a Report entitled Security of Payment Network Access Points: Risk Mitigation Recommendations Related to Recent Payment Account Takeover Attacks Against Banks Leveraging the SWIFT Network. Cybersecurity continues to evolve as the strategies employed by bad actors to attack the banking industry escalate. Originating Depository Financial Institutions inherently have an elevated risk and should remain vigilant and operate under robust governance and risk management procedures. Continuing education to battle the intrusions and potential resulting losses may aid your institution to mitigate the risks. New Method for Department's Electronic Communications Beginning soon, all Department of Banking and Finance press releases delivered through electronic means, including emails regarding the Monthly Bulletin Financial Institutions Today and proposed/enacted laws and rules, will be delivered via a govdelivery.com domain. Page 2 February 2017 Action on Applications for the Month The following is a summary of official action taken on applications by state financial institutions under Title 7, Chapter 1 of the O.C.G.A. and petitions for certificate of incorporation of financial institutions and other matters of interest during the month of February 2017: APPLICATIONS FOR NEW FINANCIAL INSTITUTION FINANCIAL INSTITUTION CAPITALIZATION APPROVAL DATE Pacific Metro Bank 11625 Medlock Bridge Road Johns Creek, GA 30097 Fulton County $ 12,000,000 Pending BEGIN BUSINESS DATE FINANCIAL INSTITUTION CONVERSIONS PREVIOUS NAME CONVERTED TO APPROVAL DATE EFFECTIVE DATE Coosa Valley Federal Credit Union Coosa Valley Credit Union Rome, Floyd County 12-08-2016 02-01-2017 APPLICATIONS TO ESTABLISH A BRANCH OFFICE FINANCIAL INSTITUTION BRANCH OFFICE APPROVAL DATE Emory Alliance Credit Union Decatur St. Joseph's Hospital 5671 Peachtree Dunwoody Road Atlanta, GA 30342 Fulton County 02-15-2017 BEGIN BUSINESS DATE Morris Bank Dublin Highway 96 1041 Georgia Highway 96 Warner Robins, GA 31088 Houston County 11-30-2016 02-07-2017 FINANCIAL INSTITUTION SunTrust Bank Atlanta PROPOSED NAME MECU APPLICATIONS TO CHANGE LOCATION CHANGE LOCATION OF APPROVAL DATE Coral Ridge 02-06-2017 From: 2626 East Oakland Park Boulevard Fort Lauderdale, FL 33306 Broward County To: 3850 N Federal Highway Fort Lauderdale, FL 33308 Broward County EFFECTIVE DATE APPLICATIONS FOR RESERVATION OF A NAME COUNTY APPLICANT Fulton County Ms. Tina Garner, Manager Mead Employees Credit Union P.O. Box 93425 Atlanta, GA 30318 Page 3 February 2017 DBF OUTREACH AND UPCOMING SPEAKER ENGAGEMENTS: South Georgia Community Bank Symposium Commissioner Kevin Hagler will be speaking at the South Georgia Community Bank Symposium, conducted by the Georgia Bankers Association, at Valdosta State University, Valdosta, Georgia, on March 23, 2017. For more information about this event, visit http://www.gabankers.com. The Department is the state agency that regulates and examines Georgia state-chartered banks, state-chartered credit unions, state-chartered trust companies, and bank holding companies that own Georgia state-chartered financial institutions. The Department also has responsibility for the supervision, regulation, and examination of Merchant Acquirer Limited Purpose Banks chartered in Georgia. In addition, the Department has regulatory and/or licensing authority over mortgage brokers, lenders and processors, mortgage loan originators, check cashers, sellers-issuers of payment instruments, money transmitters, and international banking organizations. Our Mission is to promote safe, sound, competitive financial services in Georgia through innovative, responsive regulation and supervision. Our Vision is to be a willing and able partner with our regulated entities in order to support vibrant economic growth and prosperity in Georgia. Sign-up to Receive this Publication: This publication is delivered to interested parties via e-mail and is also available from the Department's website at: http://dbf.georgia.gov/ under Publications, Financial Institutions Bulletin. If you would like to be added to our distribution list, send an e-mail to dbfpress@dbf.state.ga.us stating your name and e-mail address. Please be sure to include "Subscribe to Financial Institutions Bulletin" in the Subject line. 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 http://dbf.georgia.gov/