reglab/statecodes huggingface dataset:
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-10 - FIXED ASSETS AND ASSETS ACQUIRED D.P.C › Rule 80-1-10-.08 - Definitions

Current through Rules and Regulations filed through June 27, 2024
(1) Fixed Asset Investment as used in this Regulation shall include land, buildings, furniture, fixtures, equipment, stock in a real estate holding company subsidiary, stock in cooperative parking facilities corporations, and loans to such subsidiary corporations and leasehold interests defined in  80-1-10-.07  above but shall not include Other Real Estate.
(2) Other Real Estate is real property conveyed to a bank in satisfaction of debt previously contracted in the course of its business and real property purchased at sales under judgments, decrees, or mortgage foreclosures under securities held by it; but a bank shall not bid, at any sale, a larger amount than sufficient to satisfy its debt, costs and expenses. Other Real Estate shall also include property originally acquired for future expansion, but for which such expansion plans have been abandoned and property formerly utilized as bank premises or for other approved purposes, but no longer utilized.
Ga. L. 1974, p. 733.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-10 - FIXED ASSETS AND ASSETS ACQUIRED D.P.C › Rule 80-1-10-.10 - Bank as a Lessor of Real Estate

Current through Rules and Regulations filed through June 27, 2024
(1) Pursuant to O.C.G.A. §
									7-1-262(a)(1), a bank may acquire and hold real estate the bank occupies or intends to occupy primarily for the transaction of its business or the business of any subsidiary or affiliate. Subject to compliance with the provisions of this rule as well as the Department's prior written approval, a bank may lease excess real estate.
(2) For purposes of this rule, the phrase "occupy primarily" means occupation and use, on a full-time basis, of at least sixty-seven (67) percent of the square footage of each individual premise by the bank or an affiliate or subsidiary of the bank.
(3) The underlying real estate must have been acquired in good faith and for permissible purposes. Nothing herein shall be deemed to authorize a bank to acquire real estate for speculative purposes.
(4) The bank may not lease real estate to a third-party if it raises safety and soundness concerns.
(5) The application for approval to lease real estate to a third-party shall contain, at a minimum, the following information:
(a) A detailed description of the lease that is contemplated, including but not limited to, the terms of the lease, a description of the proposed lessee's operations, the relationship, if any, between the bank and the proposed lessee, the real estate that is proposed to be leased, and the percentage of the real estate that will be occupied by lessee;
(b) The total amount of the bank's fixed assets that will be leased in the event the lease is approved;
(c) An affirmative statement that there is no involvement by any director, committee member, officer or employee of the bank or any related interest of such individuals with the individual or entity that is the proposed lessee. In the event there is any such involvement, then it should be detailed in the application; and
(d) A copy of the resolution adopted by the Board of Directors authorizing the lease of the specific premises to the proposed lessee.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-11 - PUBLIC DISCLOSURE OF INFORMATION › Rule 80-1-11-.01 - Public Access to Records

Current through Rules and Regulations filed through June 27, 2024
The following records of the Department of Banking and Finance shall be subject to inspection by members of the public:
(a) Sections of accepted Applications for Charter, received applications for Branch Office, Relocation, Merger, Acquisition of Control of Financial Institutions, Holding Company formation, and Holding Company acquisition deemed to be non-confidential by the Department; provided, however, such non-confidential information will come within Section  80-1-11-.02  ninety (90) days after disposition has been made of the application; and
(b) The terms of or a copy of any bond filed with the Department by (1) mortgage licensees or registrants; (2) money services businesses; and (3) installment lenders.
O.C.G.A. §
											7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-11 - PUBLIC DISCLOSURE OF INFORMATION › Rule 80-1-11-.02 - Confidential Records

Current through Rules and Regulations filed through June 27, 2024
(1) Consistent with Code Sections 7-1-70 and 7-1-1009, the following records of the Department of Banking and Finance are declared to be in the nature of examination reports obtained by or for the confidential use of the Department in ascertaining the true condition of the bank or other regulated entity and, therefore, shall not be available for inspection except as specifically authorized by the Commissioner:
(a) Reports of Examination;
(b) Reports of Investigation of Applications to the Department;
(c) Reports of Independent Audits;
(d) All correspondence, other records and documents not expressly made available by Rule  80-1-11-.01.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-11 - PUBLIC DISCLOSURE OF INFORMATION › Rule 80-1-11-.03 - Protection of Privacy

Current through Rules and Regulations filed through June 27, 2024
To the extent necessary to prevent an invasion of personal privacy, the Commissioner may delete identifying details from documents described in this chapter. In each case of such deletion, the justification therefor will be clearly explained in writing.
Ga. L. 1974, pp. 733, 736-738.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-11 - PUBLIC DISCLOSURE OF INFORMATION › Rule 80-1-11-.04 - Request for Records

Current through Rules and Regulations filed through June 27, 2024
(1) Requests for copies of records must be in writing and must state the name of the person for whom the records are being sought and the purpose for which the records are to be used.
(2) Requests for copies of records believed to be for fraudulent, anticompetitive, or other illegitimate purposes shall be denied.
(3) The bank whose records are requested shall be notified of the request and disposition of same.
Ga. L. 1974, p. 733.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-11 - PUBLIC DISCLOSURE OF INFORMATION › Rule 80-1-11-.05 - Annual Disclosure Statements by Banks

Current through Rules and Regulations filed through June 27, 2024
(a) Requirement of availability - Each bank shall make its annual disclosure statement available to requesters beginning not later than March 31 following its issuance or, if the bank or its holding company mails an annual report to its shareholders, beginning not later than five days after the mailing of such reports, whichever occurs first. A bank shall continually make a disclosure statement available until the disclosure statement for the succeeding year becomes available.
(b) Contents - The disclosure statement may, at the option of the bank, consist of the bank's entire Call Report for the relevant dates and periods. At a minimum, the statement must contain information comparable to that provided in the following Call Report schedules: Balance Sheet; Past Due and Nonaccrual Loans and Leases; Income Statement; Changes in Equity Capital; Charge-Offs and Recoveries and Changes in Allowances for Credit Losses.
(c) Notice - A notice, which the bank shall at all times display, shall be posted in the lobby of its main office and each branch office, informing its customers and general public that the annual disclosure statement may be obtained from the bank. The notice shall include at a minimum an address and telephone number to which the request should be directed. The first copy of the annual disclosure statement shall be provided to a requester free of charge.
(d) Delivery - Each bank shall, after receiving a request for an annual disclosure statement, promptly mail or otherwise furnish a statement to the requester.
O.C.G.A. §
											7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-11 - PUBLIC DISCLOSURE OF INFORMATION › Rule 80-1-11-.06 - Sharing Confidential Supervisory Information

Current through Rules and Regulations filed through June 27, 2024
(1) When necessary or appropriate for business purposes, a financial institution, or any director, officer, or employee thereof, may disclose information contained in, or related to, reports of examination issued by the Department, to a person or organization officially connected with the financial institution as officer, director, or employee or as an external accountant, attorney, or consultant. A financial institution or a director, officer, or employee may make such disclosure if the external accountant, attorney, or consultant is under a written contract to provide services to the financial institution and the external accountant, attorney, or consultant has a written agreement with the financial institution in which the external accountant, attorney, or consultant:
(a) States its awareness of, and agreement to maintain the confidentiality of the disclosed information as required by O.C.G.A. §§
										7-1-67 and 7-1-70; and
(b) Agrees not to use the disclosed information for any purpose other than as provided under its contract to provide services to the financial institution.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-12 - DIVIDENDS, MANAGEMENT FEES, ETC › Rule 80-1-12-.01 - Dividends

Current through Rules and Regulations filed through June 27, 2024
(1) The Board of Directors of any state-chartered bank in this State may declare and the bank may pay dividends on its outstanding capital stock without any requirement to notify the Department or request the approval of the Department under the following conditions:
(a) Total adversely classified assets at the most recent examination of the bank, the conclusions of which may have been presented to the Board of Directors, do not exceed eighty (80) percent of Tier 1 Capital plus the allowances for credit losses as reflected at such examination; and
(b) The aggregate amount of dividends declared or anticipated to be declared in the calendar year:
(i) does not exceed fifty (50) percent of the net income that is attributable to the bank that is a Subchapter C-Corporation for the previous calendar year as reported on the Consolidated Reports of Income, Schedule RI-Income Statement; or
(ii) does not exceed seventy-five (75) percent of the net income that is attributable to the bank that is a Subchapter S-Corporation for the previous calendar year as reported on the Consolidated Reports of Income, Schedule RI-Income Statement; and
(c) The ratio of Tier 1 Capital to Average Total Assets shall not be less than six (6) percent.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-12 - DIVIDENDS, MANAGEMENT FEES, ETC › Rule 80-1-12-.03 - Repealed

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1974, p. 733; Ga. L. 1976, p. 175.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-13 - CORRESPONDENT FUNDS › Rule 80-1-13-.01 - Definitions

Current through Rules and Regulations filed through June 27, 2024
(1) Correspondent (or Federal) Funds shall mean excess funds of one financial institution placed with another financial institution at interest and subject to immediate withdrawal. Funds shall include "unsecured day(s) funds".
(2) For purposes of this Rule,"financial institution" shall mean any of the following:
(a) A state or federally chartered bank;
(b) A state or federally chartered savings and loan association;
(c) A state or federally chartered credit union;
(d) A foreign banking institution holding a state or federal license to maintain a branch or agency in any state of the United States.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-13 - CORRESPONDENT FUNDS › Rule 80-1-13-.02 - Status of Accounts

Current through Rules and Regulations filed through June 27, 2024
(1) Correspondent Funds Placed (Sold) shall not be considered to be extensions of credit but shall have the same status as a deposit provided the funds are withdrawable on demand and are unsecured.
(2) Correspondent Funds Held (Purchased) shall not constitute borrowings, but shall have the same status as depositors of the financial institution receiving such funds provided the recipient financial institution does not pledge its assets to secure funds and such funds may be withdrawn upon demand.
Ga. L. 1974, pp. 705, 733, 793-795, 801-802.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-13 - CORRESPONDENT FUNDS › Rule 80-1-13-.03 - Approval of Board of Directors

Current through Rules and Regulations filed through June 27, 2024
No correspondent Funds may be placed (sold) with another financial institution in excess of fifteen (15) percent of the placing (selling) financial institution's statutory capital base without the prior approval of the recipient by the Board of Directors, or a committee thereof, of the placing or selling institution; provided however, the selection of a financial institution by the Board of Directors pursuant to the provisions of Section 7-1-370 to be a depository of a bank's funds shall constitute approval of that institution as the recipient of placed (sold) Correspondent Funds.
Ga. L. 1974, pp. 705, 733, 793; Ga. L. 1981, H.B. 822; Ga. L. 1983, Act No . 255, effective March 16, 1983.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-14 - AUDITS › Rule 80-1-14-.01 - Independent Audits

Current through Rules and Regulations filed through June 27, 2024
(1) Every bank shall have an audit of its books and records performed at least annually by independent public accountants in accordance with generally accepted auditing standards. The audit must be of sufficient scope to enable the auditor to render an opinion on the financial statements of the bank or consolidated holding company. Such audit shall include a review of the bank's internal controls and such other tests and reviews of bank records as deemed appropriate by the independent auditor, including verifications of the bank's loan and deposit accounts, review of fiduciary activities (pursuant to agreed-upon procedures) accounts held in a fiduciary capacity, and adequate testing and review of the bank's information technology activities. The extent of audit work should be clearly defined in engagement letters. Such letters should discuss the scope of the audit, the objectives, resource requirements, audit timeframe, and resulting reports. Independent Public Accountants must make their audit work papers, policies, and procedures available to Department examiners for review upon request.
(2) Audit reports in which the auditor expresses an unqualified opinion shall be provided to the Department upon request. Audit reports in which the auditor expresses anything other than an unqualified opinion, including, but not limited to, a qualified opinion, an adverse opinion, or a disclaimer of opinion, shall be provided to the Department within fifteen (15) days following receipt by the financial institution. Audit reports submitted to the Department shall be accompanied by the Letter to Management, if applicable, detailing any reportable conditions discovered during the audit engagement. Failure to obtain the required opinion audit, or the auditor's report thereof, shall be reported to the Department within fifteen (15) days of discovery.
O.C.G.A. §
										7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-14 - AUDITS › Rule 80-1-14-.02 - Internal Audit Program

Current through Rules and Regulations filed through June 27, 2024
(1) An institution shall have an internal audit program that is appropriate to the size of the institution and the nature and scope of its activities. An appropriate internal audit program consists of qualified persons and provides for effective:
(a) Monitoring and reporting on the system of internal controls;
(b) Testing and review of controls over information systems;
(c) Documenting of testing activities, findings, and corrective actions;
(d) Verifying and reviewing of management actions to address material weaknesses; and
(e) Engagement and oversight by the institution's Board of Directors.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-14 - AUDITS › Rule 80-1-14-.03 - Repealed

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1974, pp. 733, 960.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-15 - EXTENSIONS OF EXISTING OFFICES AND FACILITIES › Rule 80-1-15-.01 - Automated Teller Machine ("ATM") and Night Depository

Current through Rules and Regulations filed through June 27, 2024
An ATM machine, which by definition in O.C.G.A. §
									7-1-603 takes deposits, and a night depository may be established anywhere in this state. Establishment of an ATM machine in this state does not constitute doing a banking business here.
O.C.G.A. §
											7-1-61
.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-15 - EXTENSIONS OF EXISTING OFFICES AND FACILITIES › Rule 80-1-15-.02 - Mobile Banking Units

Current through Rules and Regulations filed through June 27, 2024
(1) Banks may provide unlimited banking services through mobile banking units that do not have a single, permanent site and use a vehicle that travels to various locations to enable customers to conduct the business of banking.
(2) A mobile branch may provide banking services at various regularly scheduled locations or it may be open in a defined area at varying times and locations. If the mobile branch provides banking services at regularly scheduled locations, then it shall be accessible to banking customers in accordance with a published schedule available on the bank's website. In all circumstances, each mobile branch is required to maintain logs indicating the specific locations and times in which the mobile unit is operating in order to track branch activities.
(3) Each bank providing mobile banking unit services shall carry adequate fidelity, robbery, and hazard insurance coverage commensurate with the risks associated with the operation of such units.
(4) Disclosures shall be given to all customers regarding when deposits will be credited and when checks or other withdrawals will be debited.
(5) Since a mobile unit will function as a branch, application for approval must be made as it is for all other branches.
(6) Banks may alter the banking service area set forth in paragraph 2 of this Rule by submitting advance written notification to the Department.
O.C.G.A. §
											7-1-602.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-15 - EXTENSIONS OF EXISTING OFFICES AND FACILITIES › Rule 80-1-15-.03 - Messenger Services

Current through Rules and Regulations filed through June 27, 2024
(1) For purposes of this Rule, the below terms shall be defined as follows:
(a) "Branching" shall mean the receipt of deposits, payment of checks, or lending of money.
(b) "Messenger service" shall mean any service used by a bank and its customers to pick up from and deliver to, specific customers at locations such as their homes or offices, items related to transactions between the bank and such customers.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-15 - EXTENSIONS OF EXISTING OFFICES AND FACILITIES › Rule 80-1-15-.04 - Account Service Representatives

Current through Rules and Regulations filed through June 27, 2024
Banks lawfully doing a banking business in Georgia may provide for account service representatives to visit public events and commercial locations including governmental, educational, and health facilities for the purpose of opening deposit accounts and providing services incidental thereto; provided, access to such locations and facilities is available to other financial institutions on a nondiscriminatory basis. Account paying and receiving services may not be provided during such visits other than an initial deposit to a new account.
O.C.G.A. §
											7-1-602.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-15 - EXTENSIONS OF EXISTING OFFICES AND FACILITIES › Rule 80-1-15-.05 - School Savings and Banking Education Programs

Current through Rules and Regulations filed through June 27, 2024
Banks lawfully doing a banking business in Georgia may participate in school savings and banking education programs, where such programs: are provided for minors in order to promote thrift or to provide banking and financial education; are supervised by a school official or an organization affiliated with the school on school premises or at a facility utilized by the school; and are in a location where the bank would otherwise be authorized to have a branch. School savings program deposits are not considered received until they have been delivered to a representative of and at the participating bank. Under a school savings program, checks are not considered paid until received by the participating bank either directly or through a messenger acting as agent for the customer. These programs shall not be considered a branch office, provided the above provisions are met.
O.C.G.A. §§
											7-1-241; 7-1-261.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-1 - BANKS › Subject 80-1-15 - EXTENSIONS OF EXISTING OFFICES AND FACILITIES › Rule 80-1-15-.06 - Representative Offices

Current through Rules and Regulations filed through June 27, 2024
(1) A bank or bank holding company chartered by the Department or a subsidiary of such bank or bank holding company may establish and maintain representative offices upon registering such locations with the Department.
(2) A representative office shall be staffed and accessible to the public.
(3) A representative office may not engage in the banking business which includes, but is not limited to, accepting deposits, opening deposit or savings accounts, paying withdrawals, drafts, or checks, disbursing loan proceeds, or accepting payments.
(4) The combination of representative offices with other facilities such as an automatic teller machine or cash dispensing machine is permitted.
(5) In the event a bank or bank holding company chartered by the Department or a subsidiary of such bank or bank holding company closes a representative office, notice must be provided to the Department prior to the closure in compliance with Rule  80-1-1-.08.
O.C.G.A. §
											7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-1 - BOOKS AND RECORDS › Rule 80-2-1-.01 - General Requirements for Accounting Procedures

Current through Rules and Regulations filed through June 27, 2024
(1) A credit union is required to maintain its books of account in accordance with Generally Accepted Accounting Principles, including a complete and accurate account of:
(a) All of its assets, whether in its name or in the name of another person;
(b) All of its liabilities, its borrowings, and any security interests in its assets; and
(c) All of its income, expenses, capital gains and losses.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-1 - BOOKS AND RECORDS › Rule 80-2-1-.03 - Minimum Records Retention Periods

Current through Rules and Regulations filed through June 27, 2024
Retention of records of the State chartered credit unions shall be in accordance with Rule 80-10-1.
O.C.G.A. Sec. 7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-1 - BOOKS AND RECORDS › Rule 80-2-1-.04 - Notification of Intent to Utilize a Federal Power

Current through Rules and Regulations filed through June 27, 2024
(1) In order to invoke O.C.G.A. §
									7-1-671, a credit union must provide the Department with notice if it intends to utilize a federal power or avail itself of any federal preclusion or preemption of any provision of law, rule or regulation of this State. Such notice shall contain the following information:
(a) A detailed description of the proposed activity to be undertaken by the credit union;
(b) A citation to the specific federal authorization of such proposed activity;
(c) A description of any federal requirements, limitations, and/or restrictions imposed on the proposed activity;
(d) Documentation establishing that the credit union satisfies all the federal requirements, limitations, and restrictions to engage in the activity;
(e) To the extent the activity relates to a new product or service to be offered by the credit union, an analysis of how the proposed activity fits within the credit union's business plan;
(f) An analysis of the projected financial impact of the proposed activity; and
(g) Such other information as may be required by the Department.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-1 - BOOKS AND RECORDS › Rule 80-2-1-.05 - Notice of Unauthorized Access to Customer Information

Current through Rules and Regulations filed through June 27, 2024
Pursuant to 15 USC §
										6801 et seq. and 12 CFR Part 748, credit unions are required to develop and implement a response program that will be utilized in the event unauthorized access to member information has taken place. Member information is any record containing nonpublic information about a member, whether in paper, electronic, or other form maintained by or on behalf of a credit union. Federal law and regulations require disclosure to federal regulators of unauthorized access of customer information in certain circumstances. If disclosure of such unauthorized access is required under federal law, then a duplicate of such disclosure will simultaneously be submitted to the Department.
O.C.G.A. §
											7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-1 - BOOKS AND RECORDS › Rule 80-2-1-.06 - Notification of Reportable Cyber Incident

Current through Rules and Regulations filed through June 27, 2024
Pursuant to 12 C.F.R. Part 748 credit unions are required to notify the appropriate federal regulator no later than 72 hours after the credit union determinates that a cyber incident, which rises to the level of a reportable cyber incident, has occurred. A reportable cyber incident is an occurrence identified in 12 CFR §
										748.1. If a cyber incident is required to be reported under federal law, then a duplicate of such report, whether provided via email, telephone, or otherwise, will be submitted simultaneously to the Department.
O.C.G.A. §§
											7-1-61, 7-1-663.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-2 - GROUP SALES PROMOTIONS › Rule 80-2-2-.01 - Definitions

Current through Rules and Regulations filed through June 27, 2024
"Group Sales Promotions" shall mean any offering for the sale of goods or services by or through a credit union to its members, or a class of members, on behalf of a third party not affiliated with the credit union whether or not the credit union is compensated for making the offer available to its members or receives any compensation from the proceeds of the sale of such goods or services.
Ga. L. 1974, pp. 733, 904.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-2 - GROUP SALES PROMOTIONS › Rule 80-2-2-.02 - Group Sales Promotions Generally

Current through Rules and Regulations filed through June 27, 2024
(1) "Group Sales Promotions" shall generally be permitted, provided:
(a) There is no warranty, guaranty, or indemnity on the part of the credit union, either expressed or implied;
(b) all compensation or commissions, payable by the provider of such goods or services to any officer, director, employee, or committee member of the credit union in connection with the sale of such goods or services, shall be paid over to the credit union; provided, however, the requirements of this paragraph shall not preclude the individual promoting the group activity from participation in the promotion free of charge or at a discounted rate so long as the Board of Directors are advised accordingly and this fact is recorded in the minutes of the board; and
(c) the "Group Sales Promotion" is authorized by a majority vote of the Board of Directors of the credit union.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-3 - SHARES, DEPOSITS AND DIVIDENDS › Rule 80-2-3-.01 - Certificate of Deposit

Current through Rules and Regulations filed through June 27, 2024
(1) Certificates of Deposit Generally--Any credit union may, from time to time as determined by its board of directors, issue deposit contracts in the form of Certificates of Deposit whereby the credit union agrees to pay a guaranteed rate of interest to the depositor which may be less than, equal to, or greater than any rate paid in the past or anticipated to be paid in the future on regular share deposits of members, provided the terms of such contracts are in compliance with the provisions of this regulation.
(2) Minimum Contract Terms and Standards:
(a) Monies accepted by a credit union pursuant to the authority of paragraph (1) of this regulation shall be considered to be a deposit subject to the provisions of the Financial Institutions Code of Georgia under the following conditions:
1. Certificates of deposit are issued only to members of the issuing credit union or to another financial institution consistent with O.C.G.A. §
											7-1-650;
2. Certificates of deposit shall have a fixed maturity, and shall disclose their terms, including any automatic renewal provisions as established by the board of directors;
3. Funds deposited thereunder shall be subject to penalty provisions for withdrawal prior to maturity;
4. Certificates of deposit shall be non-negotiable and nontransferable;
5. The rates of interest payable under the certificate of deposit contract shall be approved by the Board of Directors of the credit union;
6. Requirements set forth in sections (2)(a)2., (2)(a)3. and 2(a)4. of this rule shall be disclosed to the depositor along with the date of maturity, interest rate, penalties for early withdrawal, and principal amount of the certificate of deposit.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-3 - SHARES, DEPOSITS AND DIVIDENDS › Rule 80-2-3-.02 - Savings Promotion Raffle

Current through Rules and Regulations filed through June 27, 2024
(1) At least thirty (30) days prior to conducting a savings promotion raffle under O.C.G.A. §
									7-1-239.10, a credit union must provide the Department with written notice detailing the proposed savings promotion raffle. Such notice shall, at a minimum, contain the following information:
(a) A detailed description of the terms of the proposed savings promotion raffle including, but not limited to, the type of account that will be utilized to offer the savings promotion raffle, the interest rate to be paid on the account, the fees associated with the account, the fees associated with the most substantially similar account to the savings promotion raffle account offered by the credit union, the amount required to be deposited in the account for a member to be entered in the raffle and any limitations on the number of entries per member, the frequency of drawings, and available prizes;
(b) Credit union's policies and procedures related to the proposed savings promotion raffle;
(c) Sample of all disclosures provided to members opening a savings promotion raffle account in accordance with O.C.G.A. §
										7-1-239.10(c)(1);
(d) Identity and contact information of all third-party service providers, if any, who are contracted to manage or provide administrative support related to conducting the proposed savings promotion raffle; and
(e) If the savings promotion raffle is conducted in whole or in part by a third-party service provider, a document from the third-party service provider identifying the number and location of all other financial institutions whose members and customers are eligible to participate in the savings promotion raffle.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-3 - SHARES, DEPOSITS AND DIVIDENDS › Rule 80-2-3-.03 - Reserved

Current through Rules and Regulations filed through June 27, 2024
Authority O.C.G.A. Secs. 7-1-61, 7-1-663.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-3 - SHARES, DEPOSITS AND DIVIDENDS › Rule 80-2-3-.04 - Departmental Approval of Dividends

Current through Rules and Regulations filed through June 27, 2024
(1) A credit union proposing to pay dividends that total less than 50% of its net income of the preceding calendar year as reported in the Statement of Income and Expense in the December 31st Call Report may do so without the prior written approval of the department; provided that:
(a) Total adversely classified assets at the most recent examination of the credit union, the conclusions of which may have been presented to the Board of Directors, do not exceed eighty (80) percent of net worth as reflected at such examination; and
(b) The net worth ratio after dividend distribution shall not be less than seven (7) percent.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-3 - SHARES, DEPOSITS AND DIVIDENDS › Rule 80-2-3-.05

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A. §
											7-1-61.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-3 - SHARES, DEPOSITS AND DIVIDENDS › Rule 80-2-3-.06 - Service Charges Against Dormant Accounts

Current through Rules and Regulations filed through June 27, 2024
The provisions contained in Chapter 80-1-8, Dormant Accounts, shall be applicable to credit unions in determining which accounts are dormant and the maximum service charges which may be assessed against such accounts.
Ga. L. 1974, pp. 705, 733, 904.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-4 - INVESTMENT OF CREDIT UNION FUNDS › Rule 80-2-4-.02 - Investment of Credit Union Funds in Fixed Assets; Requirements

Current through Rules and Regulations filed through June 27, 2024
(1) The aggregate investment by a credit union in fixed assets shall not exceed sixty (60) percent of net worth except that a greater sum may be invested with the prior approval of the Department.
(2) In the event a credit union invests in a leasehold in order to occupy the premises for the transaction of its business and the investment does not cause the credit union to exceed the fixed asset limitation set forth in paragraph (1), the credit union shall provide the Department with written notification of the investment.
(3) Letter form applications seeking approval to invest in fixed assets in an amount in excess of sixty (60) percent of net worth, must provide for an orderly plan of restoring the fixed asset investment to the sixty (60) percent limitation within not more than five (5) years.
(4) Nothing herein shall be construed as permitting a credit union to acquire real estate without the prior approval of the Department or as expressly provided in Rule  80-2-4-.04.
O.C.G.A. §§
											7-1-61, 7-1-663.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-4 - INVESTMENT OF CREDIT UNION FUNDS › Rule 80-2-4-.03 - Investment of Credit Union Funds in Subsidiaries

Current through Rules and Regulations filed through June 27, 2024
(1) Unless otherwise precluded by law or regulations, a credit union may acquire and hold for its own account shares of stock or interest in a subsidiary or affiliate corporation or limited liability company engaged in the following functions or activities that do not pose undue risk to the safety and soundness of the credit union and that are consistent with the objectives of O.C.G.A. §
									7-1-3. The functions or activities that the credit union subsidiary or affiliate is authorized to conduct include, but are not limited to:
(a) offering third party payment services;
(b) holding real estate;
(c) acting as a financial planner or investment adviser;
(d) offering a full range of investment products;
(e) exercising powers incidental to financial activities as provided in O.C.G.A. §
										7-1-650; and
(f) exercising powers granted by Department rules or powers determined by the Commissioner to be financial in nature or incidental to the provision of financial services.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-4 - INVESTMENT OF CREDIT UNION FUNDS › Rule 80-2-4-.04 - Purchase of Real Estate for Future Expansion; Letter Notification

Current through Rules and Regulations filed through June 27, 2024
(1) The purchase of real estate solely for expansion purposes may be made without the prior consent of the Department and by letter notification when:
(a) The real property is to be utilized solely as the premises of a credit union or its wholly owned subsidiary within five years of the date of purchase;
(b) The purchase of the real property does not result in the credit union exceeding the fixed asset limitation;
(c) The credit union is not subject to any special requirements whereby the Department requires prior approval for such purchases; and
(d) If a director, officer, or committee member is a party to the transaction, a certification is provided stating that all requirements of O.C.G.A. §
										7-1-656 and the provisions of any applicable federal requirement have been satisfied.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-4 - INVESTMENT OF CREDIT UNION FUNDS › Rule 80-2-4-.05 - Credit Union as a Lessor of Real Estate

Current through Rules and Regulations filed through June 27, 2024
(1) Pursuant to O.C.G.A. §
									7-1-650(8)(A), a credit union may purchase, hold, and convey real estate the credit union occupies or intends to occupy primarily for the transaction of its business. Subject to compliance with the provisions of this rule as well as the Department's prior written approval, a credit union may lease excess real estate.
(2) For purposes of this rule, the phrase "occupy primarily" means occupation and use, on a full-time basis, of at least sixty-seven (67) percent of the square footage of each individual premise by the credit union or by a credit union and a wholly owned subsidiary of the credit union.
(3) The underlying real estate must have been acquired in good faith for permissible purposes and with the intent of providing services to the credit union's members. Nothing herein shall be deemed to authorize a credit union to acquire real estate for speculative purposes.
(4) The credit union may not lease real estate to a third-party if it raises safety and soundness concerns.
(5) The application for approval to lease real estate to a third-party shall contain, at a minimum, the following information:
(a) A detailed description of the lease that is contemplated, including but not limited to, the terms of the lease, a description of the proposed lessee's operations, the relationship, if any, between the credit union and the proposed lessee, the real estate that is proposed to be leased, and the percentage of the real estate that will be occupied by lessee;
(b) The total amount of the credit union's fixed assets that will be leased in the event the lease is approved;
(c) An affirmative statement that there is no involvement by any director, committee member, officer or employee of the credit union or any related interest of such individuals with the individual or entity that is the proposed lessee. In the event there is any such involvement, then it should be detailed in the application; and
(d) A copy of the resolution adopted by the Board of Directors authorizing the lease of the specific premises to the proposed lessee.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-4 - INVESTMENT OF CREDIT UNION FUNDS › Rule 80-2-4-.07 - Life Insurance as an Employee Benefit

Current through Rules and Regulations filed through June 27, 2024
Subject to any additional limitations the Commissioner or applicable federal regulator may impose by policy, guidance, or order, including, but not limited to, the Interagency Statement on the Purchase and Risk Management of Life Insurance as well as safety and soundness principles, a credit union may purchase, hold or fund life insurance as follows:
(1) Life insurance purchased, held, or funded in connection with employee compensation or benefit plans approved by the credit union's board of directors;
(2) Life insurance purchased or held to recover the cost of providing preretirement or postretirement employee benefits approved by the credit union's board of directors;
(3) The kind and amount of life insurance must be reasonable given the size of the credit union, the financial condition of the credit union, the duties of the employee, and other compensation of the employee;
(4) Obtain written approval from the Department prior to purchasing, holding, or funding split dollar life insurance or a product substantially similar to split dollar life insurance to ensure consistency with the Interagency Statement on the Purchase and Risk Management of Life Insurance and safety and soundness principles;
(5) A credit union investing to fund life insurance obligations may purchase an investment that would otherwise be impermissible if the investment is approved by the credit union's board of directors, is directly related to the credit union's obligation or potential obligation under such life insurance, and the credit union holds the investment only for as long as it has an actual or potential obligation under such life insurance; and
(6) Prior to the board of directors approving an otherwise impermissible investment under Paragraph (5), the credit union must develop board approved policies and procedures detailing the risk management processes the board will take into consideration in approving an otherwise impermissible investment, including, but not limited to, the controls that will be implemented to monitor the investment, the timing and methodology of evaluating the quality and risks posed by the investment, and a documented and reasonable approach to transfer or otherwise divest of the investments in an expedited manner.
O.C.G.A. §§
											7-1-61; 7-1-650.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-2 - CREDIT UNIONS › Subject 80-2-4 - INVESTMENT OF CREDIT UNION FUNDS › Rule 80-2-4-.08 - Application Requirements for Branch Offices

Current through Rules and Regulations filed through June 27, 2024
(1) Branch offices may be established with the prior approval of the Department by regular application or by expedited application for certain qualified credit unions as provided in paragraph (3).
(2) Unless the provisions related to an expedited application in paragraph (3) is satisfied, a credit union must submit an application to the Department in order to obtain approval to establish a branch office. An application will not be deemed to have been accepted by the Department until all portions of the application have been completed to the satisfaction of the Department. If the Department notifies the credit union of deficiencies in the application, the credit union must complete the application within thirty (30) days of receipt of the notification of the Department. The Department will approve or deny an application for a branch office within thirty (30) days of receipt of a completed application.
(3) In lieu of an application, a credit union is authorized to submit an expedited application to establish a new branch office subject to the below conditions.
(a) The credit union must meet the following criteria:
1. The credit union must be well capitalized as defined by the capital requirements of the Department and the NCUA;
2. The credit union must have received a CAMELS composite rating of "1" or "2" as a result of the most recent state or federal examination;
3. The credit union must not be subject to any agreements, orders, or other enforcement or administrative agreements with the Department or the NCUA; and
4. Total investments in fixed assets do not exceed sixty (60) percent of net worth.