Inside this issue: 2022 State Holiday Schedule Speaking Engagements Applications The s pecific docume nts that co mp ris e the G uidance a re: Examinati on F req uency, Proces s ing, an d Turna ro und Goals Developme nt of Pol icies by F inancial Ins tit utio ns News and topics of interest to financial institutions regulated by the Department of Banking and Finance December 2021 Bank Secrecy Act / Anti-Money Laundering Examination Manual 2 Update On December 1, 2021, the Federal Financial Institution Examination Council (FFIEC) 2 released one new section and updates to three sections of the Bank Secrecy Act/Anti- Money Laundering Examination Manual. The updates affect the following sections: 3 Introduction Customers (new) Charities and Nonprofit Organizations Independent Automated Teller Machine Owners or Operators Politically Exposed Persons As indicated by the FFIEC, the updates should not be interpreted as new requirements or as a new or increased focus on certain areas. Rather, these sections provide information and considerations related to certain customers that may indicate the need for bank policies, procedures, and processes to address potential money laundering, terrorist financing, and other illicit financial activity risks. These sections provide further transparency into the BSA/AML examination process. Refer to the press release for more information. Department Guidance for Purchase of Financial Institution Owned Life Insurance Products Recently, the Department created Guidance for Purchase of Financial Institution Owned Life Insurance Products (Guidance) as a tool for supervision staff and the industry. The Guidance specifically addresses legal authority, the Interagency Statement on the Purchase and Risk Management of Life Insurance, safety and soundness considerations, and a summary of the Department's position on the purchase of financial institution owned life insurance products. The Department's intent in publishing the Guidance is to provide greater transparency and insight to the industry. The Guidance provided may not necessarily be appropriate in every situation, and examiners will continue to implement a risk-focused approach requiring professional judgment based on relevant factors. Further, the Guidance does not impose additional requirements on state-chartered financial institutions as it reflects the expectations currently set forth in the Statement of Policy. The Guidance and all other guidance documents can be found in Bank Publications and Guidance at https://dbf.georgia.gov/banks-holding-companies/publications-and-guidance and Credit Union Publications and Guidance at https://dbf.georgia.gov/credit-unions/ publications-and-guidance. If you have any questions, please contact your financial institution's Supervisory Manager. Page 2 December 2021 2022 State Holiday Schedule Please refer to https://team.georgia.gov/wp-content/uploads/2020/09/2022-State-Holidays-memo-12.22.21.pdf for a list of the dates in 2022 proclaimed by Governor Brian P. Kemp as public and legal state holidays when the Capital and State Agencies will be closed. The following is a listing of state holidays for 2022: New Year's Day State Holiday Martin Luther King, Jr.'s Birthday Washington's Birthday State Holiday Memorial Day Juneteenth Independence Day Labor Day Columbus Day Veteran's Day Thanksgiving Day Christmas Day January 1 will be observed on Monday, January 3 January 17 will be observed on Friday, November 25 Monday, January 17 February 21 will be observed on Friday, December 23 April 25 will be observed on Good Friday, April 15 Monday, May 30 June 19 will be observed on Monday, June 20 Monday, July 4 Monday, September 5 Monday, October 10 Friday, November 11 Thursday, November 24 December 25 will be observed on Monday, December 26 Speaking Engagements Commissioner Kevin Hagler will be speaking at the January 12, 2022 Georgia Bankers Association Legislative and Economic Forum. More information on the forum can be found here. Commissioner Kevin Hagler and Deputy Commissioner for Supervision Melissa Sneed will be speaking during the League of Southeastern Credit Unions & Affiliates Georgia Advocacy Conference on January 25, 2022. More information on the conference can be found here. Page 3 ACTION ON APPLICATIONS FOR THE MONTH December 2021 The following is a summary of official action taken by the Department on certain applications by Georgia statechartered financial institutions, petitions for certificate of incorporation of financial institutions, and other matters of interest during the month of December 2021: APPLICATIONS FOR DE NOVO INSTITUTIONS FINANCIAL INSTITUTION Moultrie Bank & Trust Moultrie, GA APPROVAL DATE 12/13/2021 APPLICATIONS TO ESTABLISH A BRANCH OFFICE BEGIN BUSINESS DATE FINANCIAL INSTITUION Georgia Banking Company Atlanta, GA PeoplesSouth Bank Colquitt, GA BRANCH OFFICE 6340 Sugarloaf Parkway Suite 100 Duluth, GA 23026 Panama City Beach Parkway Panama City Beach, FL APPROVAL DATE 09/27/2021 12/20/2021 APPLICATIONS TO CHANGE LOCATION FINANCIAL INSTITUTION CHANGE LOCATION OF MembersFirst Credit Union From: 7475 Douglas Boulevard Decatur, GA Douglasville, GA To: 3024 Chapel Hill Road Douglasville, GA American Pride Bank Macon, GA From: 2500 Daniells Bridge Road Building 200, Suite 1A Athens, GA To: 1010 Pine Ridge Court Athens, GA APPROVAL DATE 12/14/2021 11/06/2020 APPLICATIONS TO RESERVE A NAME PROPOSED NAME Georgia First Bank 1st Deposit & Commerce Bank LIHC Employees Credit Union COUNTY Treutlen Gwinnett Gwinnett APPLICANT Tom A. Peterson Emory Lowe Emory Lowe EFFECTIVE DATE 12/22/2021 EFFECTIVE DATE 12/12/2021 Page 4 ACTION ON APPLICATIONS FOR THE MONTH FINANCIAL INSTITUITON MERGERS FINANCIAL INSTITUTION First National Community Bank Chatsworth, GA MERGED INSTITUTION Heritage First Bank Rome, GA APPROVAL DATE 04/15/2021 APPLICATIONS TO ACQUIRE A FINANCIAL INSTITUTION FINANCIAL INSTITUTION First Volunteer Corporation Chattanooga, TN MERGED INSITUTION FBD Holding Company Dalton, GA APPROVAL DATE 09/02/2021 FORM A BANK HOLDING COMPANY BANK HOLDING COMPANY FSBH Corp Bradenton, FL TO ACQUIRE First Southern Bank Waycross, GA APPROVAL DATE 12/16/2021 December 2021 EFFECTIVE DATE 07/01/2021 EFFECTIVE DATE 12/01/2021 EFFECTIVE DATE Page 5 December 2021 SUBSCRIBE TO RECEIVE THIS PUBLICATION 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 The Department is the state agency that regulates and examines Georgia state-chartered banks, state-chartered credit unions, state-chartered trust companies, international banking organizations, 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, consumer installment loan companies, check cashers, sellersissuers of payment instruments, and money transmitters. Our Mission is to promote safe, sound, competitive financial services in Georgia through innovative, responsive regulation and supervision. Our Vision is to support vibrant economic growth and prosperity in Georgia.