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A large number of reputed banking and financial institutions are operating in the state of Georgia. With the recent developments in the financial markets of the U.S., the banking and financial markets in Georgia have transformed themselves into highly competitive markets.
The operations of the majority of banking and financial institutions are regulated by the Georgia Department of Banking and Finance. It functions in the form of a state agency and as a regulatory body of credit unions, banks, and investment trust companies, which are chartered in Georgia.
The department also functions as an authorized body for licensing and regulating the mortgage lenders, mortgage brokers, mortgage processors, bank holding companies, businesses related to financial services, international banking organizations carrying on business in the state of Georgia.
The financial services providers in Georgia have to comply with stringent statutory and regulatory prerequisites both at the state and federal levels.
It is noteworthy that all the financial institutions running their business in Georgia are not regulated by this department. Those institutons are controlled by the federal government or they are chartered in any other state than Georgia.
The Georgia Department of Banking and Finance particularly controls the following types of financial service providers:
Georgia State-Chartered Banks
Georgia State-Chartered Trust Companies
Georgia State-Chartered Credit Unions
Mortgage Lenders, Brokers & Processors
Money Transmitters
Sale of Check Companies
Check Cashers
Bank Holding Companies
The regulatory responsibility for the financial institutions chartered in Georgia is shared by the Department with its federal counterparts such as FRB, FDIC, and NCUA etc. The department functions as the solitary regulatory agency for mortgage brokers and lenders and financial service providers (barring IRS and FINCEN, which monitor USA PATRIOT Act, the Bank Secrecy Act, and other anti-money-laundering measures).
The leading banks in the state of Georgia include the following:
Absolute Bank
BasisBank
TBC Bank
Tbilcreditbank
Tbilkombank
Tbiluniversalbank
Transcaucasia Bank
Vita Bank
Georgian Post Bank
The statutes related to banking and finance in Georgia include the following:
Georgia Credit Union Act (1925)
The Georgia Fair Lending Act (GAFLA)
Trust Company Laws of Georgia (1927)
Georgia Sale of Checks Act (1965)
The Fiduciary Investment Company Act (1970)
International Bank Agency Act (1972)
Georgia Business Development Corporation Act (1972)
Regulation of Check Cashers (1990)
Georgia Residential Mortgage Act (1993)
Contact Details:
Department of Banking and Finance
2990 Brandywine Road, Suite 200, Atlanta, Georgia 30341-5565
Phone: (770) 986-1633
Toll Free: (888) 986-1633
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