News and topics of interest to financial institutions regulated by the Department of Banking and Finance
Inside this issue Commissioner Hagler elected Chair-Elect of CSBS
May 2019
Reminder 2019
2
National Survey of
Community Banks
On May 21 2019 the Conference of State Bank Supervisors (CSBS) announced the election of Commissioner Kevin B. Hagler as the new Chair-Elect for the CSBS Board of Directors. The election took place during the organization s annu-
al membership meeting in San Antonio Texas where Commissioner Hagler was
CFPB Issues
2
elected for the 2019-2020 term. Commissioner Hagler will serve on the CSBS
Technical
Executive Committee in his role as Chair-Elect.
Specifications and
Resources for Prepaid Product Agreements
For over a century CSBS has been a supportive force for state regulators dedicated to protecting and advancing the nation s dual banking system. CSBS aids
state regulators by facilitating policy development promoting economic growth
Action on Applications 3 ensuring safety soundness and consumer protection along with fostering innovative responsive
for the Month
supervision.
Graduate School of Banking Graduation
Congratulations to Frankie Keeling and Jack Jackson on their graduation from the Graduate School of Banking on the campus of Louisiana State University in Baton Rouge Louisiana. This concludes three on-campus two-week sessions starting in May 2017 as well as ongoing coursework throughout the past 24 months.
The Department of Banking and Finance (Department) extends special thanks to the Georgia Bankers Association and the Robert Moler Scholarship that funded this opportunity. Commissioner Kevin Hagler stated that "successful completion of the Graduate School of Banking is a notable accomplishment and the Department was well represented by Jack and Frankie who are valuable members of our team. We really appreciate the partnership with the Georgia Bankers Association and use of the Robert Moler Scholarship to make this achievement possible."
Governor Kemp signs House Bill 185
Governor Kemp signed House Bill 185 into law on May 7 2019 and it will go into effect on July 1 2019. The bill was introduced by Representative Bruce Williamson at the request of the Department and sponsored in the Senate by Senator John Kennedy. The bill revises statutory provisions governing most of the entities regulated by the Department banks credit unions trust companies bank holding companies money service businesses mortgage lenders and brokers and mortgage loan originators as well as certain provisions addressing the Department s general powers.
Among other items the bill
1) removes barriers to forming de novo banks by authorizing out-of-state holding companies to form de novo banks as well as eliminating the expense fund requirement
2) eliminates the appropriated retained earnings classification for banks
3) aligns shareholder dissenter rights for banks with the corporate code
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May 2019
4) expressly provides that if a credit union acquires a bank the depositors and borrowers of the bank will be deemed members of the credit union at the time of the acquisition
5) enables credit unions to adopt a policy to expel members for non-participation
6) removes a limitation on the ability of credit unions to sell or purchase certain loans
7) revises the bylaw requirements for credit unions
8) renames the supervisory committee to the audit committee for credit unions and
9) authorizes the Department to conduct background checks on directors and officers of de novo trust companies as well as directors and officers of entities that obtain control of a trust company.
The Department strongly encourages every regulated entity to review the bill to ensure a thorough understanding of all the applicable revisions. House Bill 185 can be viewed at http //www.legis.ga.gov/Legislation/20192020/185098.pdf.
In addition the Department issued proposed rules and regulations on May 30 2019 to among other items implement some of the statutory changes contained in House Bill 185. The proposed rules can be viewed at https //dbf.georgia.gov/sites/dbf.georgia.gov/files/related_files/document/2019%20DBF%20Proposed% 20Rulemaking%205-30-2019.pdf.
Reminder 2019 National Survey of Community Banks
The 2019 National Survey of Community Banks is now live This survey is a key component of the Community Banking in the 21st Century Research and Policy sponsored by CSBS the Federal Reserve System and the Federal Deposit Insurance Corporation (FDIC). The results from the National Survey have enabled community banks to inform policymakers and researchers about the opportunities and challenges facing the community banking industry.
The survey should take approximately 20 minutes to complete and can be completed in different intervals. We ask that you complete the National Survey by June 30 2019 so we can analyze and present the findings in the national publication released during the seventh annual 21st Century Research and Policy Conference for Community Banking at the Federal Reserve Bank of St. Louis.
To add your voice to the 2019 National Survey please complete the survey at https //sri.cornell.edu/CB21/2019/.
Want to explore the findings from past surveys Last year s publication can be found here.
We truly appreciate your participation in this unique opportunity to have your voice heard
CFPB Issues Technical Specifications and Resources for Prepaid Product Agreements
On February 27 2019 the Consumer Financial Protection Bureau (CFPB) issued a rule with technical specifications for credit unions to submit prepaid account agreements under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z). The CFPB also issued resources to help credit unions as prepaid account issuers add amend or withdraw a prepaid product agreement. A link to the Prepaid Accounts Rule and resources are available on the Bureau s website at https //www.consumerfinance.gov/data-research/prepaid-accounts/.
Beginning on April 1 2019 prepaid account issuers must use the CFPB s Collect website to submit product agreements and related information. The technical specifications include the file format and website URL at which credit unions or their designees can register and send agreements. Submissions must be made to the CFPB within 30 days of offering a new agreement amending a previously provided agreement or discontinuing an agreement. The website includes resources to walk through these options.
Refer to the NCUA letters to Credit Unions and other guidance 19-09/March 2019 at https //www.ncua.gov/regulationsupervision/letters-credit-unions-other-guidance/cfpb-issues-technical-specifications-and-resources-prepaid-productagreements.
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May 2019
Action on Applications for the Month
The following is a summary of official action taken by the Department on applications by Georgia state-chartered 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 May 2019
APPLICATIONS FOR NEW FINANCIAL INSTITUTION
FINANCIAL INSTITUTION
BEGIN BUSINESS
CAPITALIZATION APPROVAL DATE
DATE
Loyal Trust Bank 11675 Medlock Bridge Road Johns Creek GA 30097 Fulton County
$ 20 000 000
Pending
Tandem Bank 2356 Main Street Tucker GA 30084 DeKalb County
$ 18 000 000
05-02-2019
APPLICATIONS TO ESTABLISH A BRANCH OFFICE
FINANCIAL INSTITUTION
BRANCH OFFICE
APPROVAL DATE
Delta Community Credit Union Atlanta
Jonesboro Road 210 Jonesboro Road McDonough GA 30253 Henry County
08-22-2018
The Commercial Bank Crawford
Danielsville 220 Courthouse Square 1 Danielsville GA 30633 Madison County
04-10-2019
First IC Bank Doraville
Palisades Park 211 Broad Avenue Palisades Park NJ 07650 Bergen County
11-14-2018
PromiseOne Bank Duluth
McGinnis Ferry 7775 McGinnis Ferry Road 104 Johns Creek GA 30024 Fulton County
01-02-2019
Colony Bank Fitzgerald
Statesboro 104 Springhill Drive Statesboro GA 30458 Bulloch County
08-29-2018
BEGIN BUSINESS DATE
05-08-2019
05-28-2019
05-08-2019
05-01-2019
05-20-2019
FINANCIAL INSTITUTION
SunTrust Bank Atlanta
APPLICATIONS TO CHANGE LOCATION
CHANGE LOCATION OF
APPROVAL DATE
Glen Burnie From 100 Crain Highway S. W.
Baltimore MD 21061 Baltimore County
02-25-2019
To 6707-A Ritchie Highway Baltimore MD 21061 Baltimore County
EFFECTIVE DATE 05-24-2019
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Pinnacle Bank Elberton
Franklin Springs From 2311 West Main Street
Franklin Springs GA 30639 Franklin County
To 25 Westclock Circle Franklin Springs GA 30639 Franklin County
08-27-2018
May 2019 04-15-2019
NOTICE OF CHANGE IN NAME
PREVIOUS NAME
Bank of Early Blakely
GEMC Credit Union Tucker
NEW NAME OneSouth Bank
Go Energy Financial Credit Union
FINANCIAL INSTITUTION MERGERS
SURVIVOR United Community Bank Blairsville GA
First National Community Bank Chatsworth GA
Morris Bank Dublin GA
Heritage Bank Jonesboro GA
Heritage Bank Jonesboro GA
Ameris Bank Moultrie GA
Branch Banking and Trust Company Winston-Salem NC
MERGED INSTITUTION First Madison Bank & Trust Colbert GA
Northside Bank Adairsville GA
Farmers & Merchants Bank Statesboro GA
The Heritage Bank Hinesville GA
Providence Bank Alpharetta GA
Fidelity Bank Atlanta GA
SunTrust Bank Atlanta GA
APPROVAL EFFECTIVE
DATE
DATE
04-16-2019 05-02-2019
05-08-2019
APPROVAL EFFECTIVE
DATE
DATE
04-30-2019 05-01-2019
05-08-2019
04-01-2019 05-01-2019
Pending Pending
05-03-2019
Pending
APPLICATIONS TO ACQUIRE A FINANCIAL INSTITUTION
BANK HOLDING COMPANY
TO ACQUIRE
CCF Holding Company Jonesboro GA
Heritage Bancorporation Inc. Hinesville GA
APPROVAL DATE 05-30-2019
CCF Holding Company Jonesboro GA
Providence Bank Alpharetta GA
05-30-2019
Ameris Bancorp Moultrie GA
Fidelity Southern Corporation Atlanta GA
05-03-2019
BB&T Corporation Winston-Salem NC
SunTrust Banks Inc. Atlanta GA
Pending
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May 2019
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.
Subscribe to Receive this Publication
Notice of this publication is delivered to interested parties via e-mail. To subscribe to this publication as well as other items of interest please visit our website at https //dbf.georgia.gov/.
Department of Banking and Finance 2990 Brandywine Road Suite 200 Atlanta Georgia 30341-5565 Phone (770) 986-1633 Fax (770) 986-1654 or 1655