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 Page 2 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. Page 3 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 Page 4 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 Page 5 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