Update on GBA’s Priority Bills
GBA is involved with over 70 bills this session. Two are on our “must pass” list:
Multibank Pledging Pool.
The House Rules Committee chaired by Rep. John Meadows
(R-Calhoun) has scheduled the GBA-requested multibank public deposit collateralization pool bill, SB 283
, for a floor vote in the House on Monday. The bill establishes a third collateralization option for banks doing business with public depositors. This option will be a contingent liability pool comprised of all the banks with over $50 billion in assets doing business in Georgia and optional for other banks qualified as state depositories and approved by the State Depository Board. In return for the cross-guarantee, banks may be eligible for a lowered collateralization percentage from the current 110 percent of the public deposit. Sen. John Kennedy
(R-Macon) authored the bill and Rep. Bruce Williamson
(R-Monroe) will be handling the bill on the House floor.
Banking Department Housekeeping Bill.
Rep. Bruce Williamson
(R-Monroe), author of the Banking Department’s annual housekeeping bill, HB 811
, has requested the Senate Rules Committee, chaired by Sen. Jeff Mullis
(R-Chickamauga), to schedule the bill for a Senate floor vote. Among the issues covered by the bill: 1) recognizes the preemption of the DBF’s role in approving branches of out-of-state institutions, 2) removes prohibitions for state-chartered banks to charge a fee to cash “on us” checks; 3) removes the reserve requirements referenced in Federal Reserve Regulation D so that the provisions will only be applicable to institutions whose deposits are not federally insured; 4) removes the authority of the DBF to present a case directly to a grand jury; 5) reduces the violation of an institution’s charter or bylaws to a misdemeanor from a felony; 6) authorizes banks to participate in cross-guaranty state-level collateral pools; 7) clarifies that interactive ATMs are not branches; and 8) establishes a regulatory structure for virtual currencies. Other sections of the bill apply only to credit unions or non-bank entities registered with or supervised by the DBF. Sen. John Kennedy
(R-Macon) will be handling the bill when it’s scheduled for a floor vote.