Compilation of Rules and Regulations of the State of Georgia
Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE
Chapter 80-1 - BANKS
Subject 80-1-1 - APPLICATIONS, REGISTRATIONS AND NOTIFICATIONS
Rule 80-1-1-.10 - Qualifying Criteria for Expedited Processing for Applications by a Financial Institution Other than Charter

Universal Citation: GA Rules and Regs r 80-1-1-.10

Current through Rules and Regulations filed through March 20, 2024

(1) The following criteria, when met and certified to by an applicant financial institution, shall, where permitted, qualify the financial institution to utilize a shorter application and/or an expedited process for approval:

(a) The depository institution must be well capitalized as defined in the appropriate capital regulation and guidance of the institution's primary federal regulator;

(b) The depository institution must have received a CAMELS composite rating of "1" or "2" as a result of the most recent state or federal examination;

(c) The depository institution must have a satisfactory or better Community Reinvestment Act rating from its primary federal regulator at its most recent examination, if the financial institution is subject to the Community Reinvestment Act; and

(d) The depository institution must not be subject to any agreements, orders, prompt corrective action directives or other enforcement or administrative agreements with the Department or its primary federal regulator or other chartering authority.

(2) The Department may deny or remove from expedited processing any institution's application where it finds that:

(a) Safety and soundness concerns of the Department dictate a more comprehensive review;

(b) Any material adverse comment is received by the Department;

(d) If applicable, any acquisition of fixed assets would cause the institution to exceed the state fixed asset limitation; or

(e) Any other good cause exists for denial or removal.

In this event, the institution will be notified that expedited processing is not available, the reason, and instructions as to how to proceed.

O.C.G.A. §§ 7-1-61, 7-1-79.

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