Ga. Comp. R. & Regs. R. 80-1-1-.12 - Notification of Intent to Utilize a Federal Power

(1) In order to invoke O.C.G.A. § 7-1-296, a bank 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 bank;

(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 bank 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 bank, an analysis of how the proposed activity fits within the bank'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.

(2) A notice shall be incomplete and, thus, not received by the Department until all information has been provided to the satisfaction of the Department.

(3) If the Department determines that the notice is incomplete, then the Department shall provide the bank with notice of this fact. The bank must cure any deficiencies in the notice or provide any information requested by the Department within thirty (30) days after receipt of such notification from the Department. If the bank fails to address and/or cure the deficiencies or provide the requested information to the Department within the thirty (30) day period, the notice shall be deemed withdrawn. However, prior to the expiration of the thirty (30) day period, a bank can make a written request for an extension of time to cure the deficiencies or provide the information requested by the Department and it shall be in the Commissioner's sole discretion to approve, conditionally or otherwise, or deny the request for an extension of time. Further, the Department may provide a bank with multiple notifications of deficiencies with the notice or multiple requests for additional information.

(4) After the bank satisfactorily completes the notice and provides all of the required documents, the Department will issue an official acceptance letter evidencing that the notice is deemed complete. The issuance of the official acceptance letter shall not be construed as evidence that the federal power identified in the notice is authorized.

(5) Within 45 (forty-five) days after issuance of the official acceptance letter, the Department may object to the exercise of the federal power, in whole or in part, or to the federal preclusion or preemption of the law, rule, or regulation of this State, in whole or in part. Prior to the expiration of the review period, the Department may extend the review period for an additional 45 (forty-five) days by providing the bank with written notice of such extension. In the event the Department does not object to the exercise of the federal power during the applicable review period, the bank will have satisfied the requirements in O.C.G.A. § 7-1-296 to exercise the federal power.

Notes

Ga. Comp. R. & Regs. R. 80-1-1-.12

O.C.G.A. §§ 7-1-61; 7-1-296.

Original Rule entitled "Notification of Intent to Utilize a Federal Power" adopted. F. June 27, 2018; eff. July 17, 2018.