Aug. 5, 2022 

Help Oppose Durbin Card Network Bill

We encourage members to engage in advocacy opposing the controversial bill we reported about last week that would create new credit card routing mandates. The Credit Card Competition Act, S.4674, introduced last week by Sens. Roger Marshall (R-Kan.) and Dick Durbin (D-Ill.) would require covered credit card issuers to add a second network to their customers’ cards, but banks would only be allowed to choose from certain options set by the Fed. In this regard, the bill goes further than the rules put in place for debit card transactions under the Dodd-Frank Act’s Durbin Amendment in 2010, where a bank could choose any two unaffiliated networks. The bill would also require that banks accept virtually any kind of transaction, regardless of the security or fraud recourse it carries, forcing banks to onboard potentially many more than two networks. We’re working on an advocacy piece to U.S. Senators Ossoff and Warnock, on behalf of the entire Georgia banking community, but we encourage individual banker advocacy, as well. Contact your lawmaker now with this easy tool.


Back to top of E-Bulletin

GBA Submits Comment on CRA Proposal

The Federal Reserve, OCC and FDIC have proposed major revisions to the regulations implementing the Community Reinvestment Act. The agencies’ proposal responds to broad, bipartisan agreement that the CRA regulatory framework needs to be updated to reflect how technology has transformed the delivery of financial products and services. GBA submitted its comment letter this week after hearing from several financial institutions about some concern with the details of the proposal. Read our letter here. With questions, please contact Joe Brannen, 404.402.0274, or Elizabeth Chandler, 404.372.7893.


Back to top of E-Bulletin


Charlie Loudermilk Dies

Our sympathies to the family, friends, and former colleagues of Robert Charles Loudermilk, Sr. (Charlie) who died this week. Loudermilk was the founder of the Buckhead Community Bank that was closed by the regulators during the real estate downturn. That closure and subsequent litigation led to the General Assembly passing legislation important to every bank officer and board member involved in the lending decision process. As the receiver of bank, in the case Federal Deposit Insurance Corporation v. Loudermilk, et al, FDIC sued nine former officers and directors of the bank, alleging they were negligent with respect to the making of loans, which, according to the FDIC, led the bank to suffer nearly $22 million in losses. The defendants moved to dismiss the lawsuit, arguing that Georgia’s business judgment rule relieved officers and directors of any liability for ordinary negligence. The FDIC responded that such a business judgment rule is not part of the common law in Georgia, and even if it were, it did not apply to bank officers and directors, insofar as the statutory law in Georgia explicitly requires bank officers and directors to exercise ordinary diligence and care. Unable to "discern clear and controlling precedent,” the federal district court asked the Supreme Court of Georgia to answer the question,
"[d]oes the business judgment rule in Georgia preclude as a matter of law a claim for ordinary negligence against the officers and directors of a bank in a lawsuit brought by the FDIC as receiver for the bank?" The Georgia Court answered that question in the negative. Read the decision here.


Baskin and Kennedy on
the day the bill passed

That led GBA to go to the Georgia General Assembly in the 2017 session to modernize the Business Judgment Rule. The legislation was commonly referred to as “the Loudermilk fix,” as bank board members and officers needed enhanced liability protection in their decision-making process as the court’s decision bifurcated the decision-making process from the loan decision. In simple terms, the results of the case were that directors and officers would be held accountable for their loan decisions under a gross negligence standard of care, while being held accountable for their decision-making process under an ordinary negligence standard of care. GBA worked with Rep. Beth Beskin (R-Atlanta), and she introduced H.B. 192, which removed the bifurcation such that both the decision-making process and the loan decision would be judged under a gross negligence standard. The bill passed the House on a vote of 128 to 40. Sen. John Kennedy (R-Macon) handled the bill in the Senate, where it passed on a vote of 41 to 10. Gov. Nathan Deal signed the bill into law May 9, 2017. There was a nice article in the Atlanta Journal-Constitution about Loudermilk’s life that focused more on his entrepreneurial spirit and philanthropy, which can be read at this link.


Back to top of E-Bulletin

Flood Relief

KBA Collecting Donations in Support of Kentucky Flood Victims

If members would like to help out their fellow bankers in Kentucky recover from the terrible flooding in their state, our colleagues at the Kentucky Bankers Association are coordinating donations. The Kentucky Bankers Association's Kentucky Bankers Relief Fund is providing direct assistance to bank employees affected. At least 23 bankers from six Kentucky institutions have been directly affected by the disaster. Here’s how to donate.


Back to top of E-Bulletin

Second Quarter 401(k) Statement Changes

If you have received your second quarter 2022 401(k) statement, you may have noticed a new disclosure with it. Under the SECURE Act of 2019, the DOL now requires additional information to be provided to participants on their quarterly statements. Two lifetime income illustrations must now be included once a year with the statement. This is intended to help participants understand their current account balance in terms of what it will mean in retirement.


If this information was not already included in your participants’ statements, the deadline was as of June 30, 2022 statements. You can read more about this required change, including examples, in the American Trust Spring Newsletter found here on page 3.


For plans that are part of the GBA Master Trust, participants are already receiving a monthly retirement estimate every quarter on their statements and every time they log into the website. In addition to current account balance, the monthly projections prepared by American Trust include: 1) assumptions of future deferral and match rates to continue until retirement (with auto escalation if elected by the participant), 2) estimated monthly social security estimates, and 3) outside assets if provided by the participant. The new DOL disclosures only look at the account balance today, assume an interest rate of the US Treasury securities yield and do not add in any future contributions, other assets, or social security. We think our more robust projections are more accurate and beneficial to participants, but for plans that do not have this type of benefit available, the DOL addition is a step in the right direction to help other plans that have no future estimates at all.


If you have any questions about this required change for 401(k) plans, or if you would like GBA Retirement Services to assist with your next plan review, please contact Mandy Richards, 404.420.2025, for more information.


Back to top of E-Bulletin

Leader Updates

Of Poultry, Peanuts and Politics

Our series of regular email updates to CEOs, committee members and other key leaders continued this week. Topics included:

  • Chicken prices: We shared some detail and insight on how a key Georgia ag product, chicken, is faring with inflationary price pressures. The price of wings is up, but legs and quarters are considerably less expensive, so there’s some good news in that poultry is helping folks stretch their grocery dollars. Last year, broiler and egg production brought over $3.2 billion to the Georgia economy, accounting for nearly 40% of the production value of all Georgia commodities.


  • Peanut Bank Week: You’ll find more information below about this annual GBA campaign to support key Georgia crops, but in our email we also shared related info noting the top 10 Georgia counties with the most certified peanut acres in 2021. Peanuts are grown in 76 of Georgia’s 159 counties. See below for how to participate in our campaign.


  • More political polls: We shared some additional polling about key Georgia elections coming up, as well as some internal analysis by Gov. Kemp’s campaign. The polls take into account questions and sentiment related to the economy, the Supreme Court and other headline issues, and the Gov.’s campaign memo details some trends related to various demographic groups.

If you’d like more information about any of those topics, contact Joe Brannen, 404.420.2026.


Back to top of E-Bulletin

Deadline to Order Georgia Peanut Bank Week Supplies is Aug. 12

GBA and our friends at the Georgia Peanut Commission (GPC) want to remind everyone that the deadline to submit orders for Georgia Peanut Bank Week supplies is Aug. 12. Georgia Peanut Bank Week is Oct. 10-14. This year’s theme is “Georgia Peanuts: Accounting for Your Daily Health!” If you have any questions about Georgia Peanut Bank Week or placing your bank’s order, please contact GPC’s Justin Odom at or 229.886.8999. Click here to download an order form.


Download additional Georgia Peanut Bank Week supplies at the links below.

Back to top of E-Bulletin

Support the GBA StatePAC

Register Today for Georgia BankPAC Golf Classic

It’s fun to think about cooler temperatures and spending a beautiful fall afternoon on the golf course. And while you’re daydreaming about that, why not make it a reality by registering now for the Georgia BankPAC Golf Classic coming up
Oct. 19 at the River Forest Club in Forsyth. Hosted every fall by Leadership GBA, proceeds from the tournament benefit the GBA StatePAC. All GBA members are invited to participate and bring a colleague, legislator, customer or fellow golfer to the event. Non-members are welcome when accompanied by a member. There are registration options for two-golfer teams, individual golfers and numerous sponsorship opportunities. Check out the event website for details, to register, or to sign up for a sponsorship. Questions? Contact GBA’s Kathy Friestad.


Back to top of E-Bulletin



Back to top of E-Bulletin


President/CEO, Bank Accountants, and Bank Counsel Conferences

Georgia Native and Onward Reserve Founder TJ Callaway to Share Journey and Bank’s Role in Success

We’re so excited that TJ Callaway, founder of the Georgia-based Onward Reserve clothing store, will close out day one of our President/CEO, Bank Accountant, and Bank Counsel Conferences, Sept. 25-27, at the Ritz-Carlton Reynolds at Lake Oconee. GBA’s David Oliver will facilitate an informal conversation with Callaway, who is a proud Thomasville native, UGA graduate and son of a Georgia banker. The company’s story includes how a Georgia community bank played a crucial role for his business in recent years as well as how his new bank and the entire company family rallied to not only survive as a business through the pandemic, but to come out stronger. In a heartfelt Thanksgiving letter to Onward Reserve customers last year, Callaway said, “Hard times force us to keep getting up every day and to keep making decisions that we hope are the right ones. Most of all they force us to either fight or quit. Thankfully, quitting was never an option for me.” Don’t miss this opportunity to hear this inspiring story!  Register today by clicking here. Our room block at the Ritz is full, but we are working a short wait list and anticipate that rooms will open up as the conference draws near. Email GBA’s Kathy Friestad to be waitlisted for the hotel. You may also attend if even if you stay off site, as there are some local hotels and many home and condo rentals available through VRBO or Airbnb in the area. Thank you to our conference sponsors: Carr, Riggs & Ingram, LLC; Crowe LLP; Forvis, LLP; EBS; Elliott Davis; FHLBank Atlanta; James-Bates-Brannan-Groover-LLP; Mauldin & Jenkins, LLC; McNair, McLemore, Middlebrooks & Co., LLC; Nichols, Cauley & Associates, LLC; ServisFirst Bank - Correspondent Division; TJS Deemer Dana, LLP; Troutman Pepper LLP; and Warren Averett CPAs & Advisors.


Back to top of E-Bulletin

For Community Banks, Solar Tax Credit Investments are Now More Accessible

By Josh Miller, CEO, The KeyState Companies

For more than a decade, large financial institutions and Fortune 500 giants like Apple and Google, have been the dominant players in solar investment tax credits (ITCs). Driven by federal incentives, these companies have provided funding for the largest solar projects in the country, collecting healthy returns while raising their corporate profiles as environmental/social/governance (ESG) leaders. The benefits of solar ITCs are hard to ignore. Tax credit investors funding renewable energy projects can significantly offset their federal tax liability and recognize a meaningful annual GAAP earnings benefit. Some state legislatures around the country have recently passed renewable energy generation targets and mandates, creating a growing pipeline of mid-size solar projects that must be built and financed. Community banks are a logical source of financing for these mid-size renewable projects. Solar ITCs have a notably better return profile than other types of tax credit investments commonly made by banks. Click here to read more from GBA partner The KeyState Companies. Contact Josh Miller, 702.598.3738, to learn more.


Back to top of E-Bulletin


Compliance Conference - Oct. 19-21

Deposit Compliance Hot Topics Session Set to Sizzle

Join your fellow Compliance professionals Oct. 19-21 for our annual Compliance Conference at The Westin Jekyll Island. Here's what Compliance Committee Chair Kirk Cavanah, Morris Bank, Dublin, had to say about the experience:


"There’s no way I’d miss the GBA Compliance Conference! It is a great opportunity to network with other compliance professionals while attending the best compliance conference around. The sessions are relevant for all levels of compliance professionals. Every bank in Georgia should be represented at the annual Conference. As always, the speakers and topics are excellent, and the take-aways are priceless."


Visit the conference website here for more details about all the sessions on the agenda, our hotel and to register. One strong session planned is about deposit hot topics. In today’s regulatory environment, financial institutions are under ever-increasing scrutiny for compliance with consumer protection regulations. During this session, Emily Dent from Mauldin & Jenkins will highlight areas that banking regulators are honing-in on during compliance examinations as well as recent publications from supervisory agencies ABOUT consumer deposit regulations such as error resolution, overdrafts and deposit holds.


A big thank you to our confirmed conference sponsors. Gold Sponsor: Ncontracts; Silver Sponsors: Mauldin & Jenkins, Warren Averett CPAs and Advisors and Wipfli. Sponsorships are still available. We also have a few slots left for exhibitors.


Special for GBA participants: CRCM credit applied for at no additional cost!


Back to top of E-Bulletin

Compliance Alliance Question of the Week


Question: For a TRID construction loan disclosed as two transactions, what should we disclose as the interest rate if it’s variable? We don’t know what the rate will be during the permanent phase?


Answer: If it will have an adjustable rate and the rate is unknown when the Loan Estimate is provided, the bank should disclose the fully-indexed rate, which is the rate calculated using the index and margin at the time of consummation. If the index and margin that will be in effect at consummation must be provided, the fully-indexed rate disclosed may be based on the index in effect at the time the disclosure is delivered.


“1. Interest rate at consummation not known. Where the interest rate that will apply at consummation is not known at the time the creditor must deliver the disclosures required by § 1026.19(e), § 1026.37(b)(2) requires disclosure of the fully-indexed rate, defined as the index plus the margin at consummation. Although § 1026.37(b)(2) refers to the index plus margin “at consummation,” if the index value that will be in effect at consummation is unknown at the time the disclosures are provided under § 1026.19(e)(1)(iii), i.e., within three business days after receipt of a consumer's application, the fully-indexed rate disclosed under § 1026.37(b)(2) may be based on the index in effect at the time the disclosure is delivered. The index in effect at consummation (or the time the disclosure is delivered under § 1026.19(e)) need not be used if the contract provides for a delay in the implementation of changes in an index value. For example, if the contract specifies that rate changes are based on the index value in effect 45 days before the change date, creditors may use any index value in effect during the 45 days before consummation (or any earlier date of disclosure) in calculating the fully-indexed rate to be disclosed. See comment app. D-7.iii for an explanation of the disclosure of the permanent financing interest rate for a construction-permanent loan.”


Click the following link to read more: Comment 37(b)(2). Visit for more helpful Q&A resources.


Back to top of E-Bulletin

Customized for Georgia Law

Opening New Accounts Documentation and Compliance Seminar - Sept. 13, Macon

Managing risk is the #1 priority for all financial institutions, and it all starts at the new account desk. Join us Sept. 13 at Middle Georgia State University in Macon for the popular Opening New Accounts Documentation and Compliance Seminar with Suzie Jones of Training Resources Consulting. Join a growing group of you peers for this full-day in-person workshop, customized to Georgia state law. Jones teaches essential new account opening procedures, best practices, and compliance requirements. It answers complex questions asked by customers and staff while focusing on vital information for every new account type. Learn more and register here. 


Back to top of E-Bulletin

The Westin Atlanta Perimeter

Register now!

Financial Risk Management Conference – Nov 3-4, The Westin Atlanta Perimeter North

We invite all with CFO responsibilities and other key finance team members to join us at The Westin Atlanta Perimeter North, Nov 3-4. We are finalizing the agenda but have confirmed the following sessions and speakers:

  • Economic Outlook, Lindsey Piegza

  • Creating Value, Christopher Marinac, Director of Research, Janney Montgomery Scott LLC, Atlanta

  • Swaps in 2022: Managing Interest Rate Risk in the Midst of Volatility, Bob Newman, CFA, Managing Director, Financial Institutions, Chatham Financial

  • Panel discussions to include: Capital Planning, moderated by Jonathan Hightower; ALM Panel; and Liquidity and Investments Panel, moderated by Curtis Whitaker.

Get all the details and register here. Questions? Contact GBA’s Alison Moreau, 404.217.1804.


Back to top of E-Bulletin

IRA Advanced Update & Review Virtual Seminar - Oct. 13, Zoom Webinar Format

In the past two years, banks have probably fielded a lot of questions from customers regarding the many IRA changes and, most specifically, about how they affect beneficiary payouts. In addition, there were 275 pages of new “proposed” regulations expected to take effect for 2022 beneficiary distributions that were released in February. These new rules change beneficiary payout options – again – to almost a hybrid form of pre-2020 rules and beginning in 2020 rules. Bank teams must know these new rules or else beneficiaries may be skipping annual death distributions when they should actually be taking them. In this informational session, Patrice Konarik of Sunwest Training Corp. will detail the SECURE Act 1.0 and 2.0 changes and other enacted rules in reference to future planning for clients. Each paid participant will receive a newly updated 280-page IRA Training and Reference Manual. Click here to register.


Back to top of E-Bulletin

GBA Partner Promontory MortgagePath

In the Battle for Talent, Managed Mortgage Services Ensure Community Banks Get Access to Top Industry Professionals

As community banks navigate the current period of post-Covid transformation, all are in need of experienced, forward-thinking and dedicated talent. While there is an overall increase in available mortgage personnel nationally as the market continues to adjust to macro-economic changes, the number of qualified applicants for these positions may be finite some community bank markets, making the challenge of sourcing top talent difficult. As the leading managed services mortgage fulfillment firm serving the community bank market, GBA partner Promontory MortgagePath helps community banks maintain high-touch, personalized service while also ensuring they have access to industry-leading talent to fuel their mortgage origination growth. With multiple service models available, community banks can take advantage of the economies of scale and reduced overhead that managed services can provide. In addition, community banks leveraging Promontory MortgagePath for their managed services needs also gain access to all the technology required to support the operating model, including a proprietary point-of-sale platform Borrower Wallet® Click here to read more. To learn more about Promontory MortgagePath’s services, contact Sue Shaffer, 901.283.3034.


Back to top of E-Bulletin



Cybersecurity Focused Content

The Information Security Officer (ISO) Seminar - Oct. 4, Macon

Josh Dasher and Emily Strickland, senior compliance specialists for Safe Systems, will explore exam expectations and how the pandemic changed the ISO function in the Information Security Officer 101 Seminar: The "Why" and "How" of this Critical Position, set for Oct. 4 at Middle Georgia State University in Macon. They will cover the key responsibilities of an ISO and the ISO’s role in interacting with stakeholders. This seminar is designed for new and experienced ISO’s, but compliance officers, audit committee members, IT Steering Committee members and network administrators will benefit as well from attending this seminar. Get all the details and register here.


Back to top of E-Bulletin

Hot Topic Webinar

Unclaimed Property Compliance for Financial Institutions - Wednesday, Aug. 24

This webinar will focus on complex state unclaimed property reporting requirements and the unique challenges facing banks and other financial institutions. Learn best practices to mitigate risk proactively, efficiently track customer contact, and monitor recent legislative updates that could impact your organization.


Audience: Anyone responsible for the oversight, management, and reporting of unclaimed property; such as bank operations managers, compliance officers, risk managers, and internal auditors. Register here.


Want to see the full webinar schedule? Check out our webinar calendar for a full list of upcoming webinars.


Back to top of E-Bulletin


Ad Compliance, TRID, Business Continuity, Residential Construction and More

Here’s a sampling of upcoming webinars. 

See the full slate of upcoming webinars here.


Back to top of E-Bulletin

Recruit, Retain and Develop the Best Bankers with GBA Career Solutions


GBA Strategic Partner BankTalentHQ

The central feature of BankTalentHQ is its national bank-job board. Other key benefits include: resume search access, regional and national reach for your open positions, frequent special offers and custom sales/coaching programs. Visit BankTalentHQ to learn more. See the open positions in Georgia here, or search regionally or nationally here.


GBA Job Bank

GBA will post open positions, free of charge, for GBA members. See the open positions in Georgia here. We will also post professional summaries for bank-job seekers on our Bankers Available page. To make the process easy and answer any questions, we've developed this Q&A. Please contact Katina Prokos, 404.420.2021.


GBA’s Career Paths for Bankers™

GBA’s Career Paths for Bankers™ is the most unique, organized and easy-to-use career development resource available for bankers and banks. GBA’s pioneering career development resource is unlike any other in the banking industry. Click here to start mapping your banking career today.


Why Do People Choose Careers in Banking?

Whatever their talents, interests and educational background, there is a career in banking for them. Here are few good reasons to share with folks you know.


Back to top of E-Bulletin



Back to top of E-Bulletin

GBA Newsmakers


Albany - AB&T

Blair Blackburn has joined the bank as Chief Financial Officer. Read more here.


Atlanta - Affinity Bank

Brandi Pajot has been named Chief Financial Officer of the bank.


Chattanooga, TN - First Volunteer Bank

The bank has rebranded to Builtwell Bank effective Aug. 1. Read more here.


Columbus - Synovus Bank

Shellie Creson has joined the bank as its Chief Risk Officer. Read more here.


Dudley - Bank of Dudley

Sandra Clem, CEO of the Boys & Girls Club of Laurens & Johnson Counties, has joined the bank’s board of directors.


Milledgeville - Exchange Bank

Anne Hood has joined the bank as loan compliance and CRA officer. Read more here.


Savannah - BankSouth

Jake Lee has joined the bank as portfolio manager for the Savannah market. Read more here.


Savannah - Colony Bank

Kelly Godfrey has joined the bank as mortgage loan originator for its Savannah market. Read more here.


Statesboro - Queensborough National Bank & Trust Company

Dan Baker has joined the bank as vice president and wealth planner in its Statesboro office.


Twin City/Swainsboro - Durden Banking Company

The bank recently announced several promotions. Jim Cowart has been promoted to Chief Operations Officer. Matt Donaldson has been promoted to Chief Financial Officer. Judy Price has been promoted to city president of the bank’s Swainsboro location.


Tampa/Pensacola, FL - Saltmarsh, Cleaveland & Gund

The accounting firm was recently named one of Accounting Today’s 2022 Best Firms to Work For. Read more here.


Atlanta - Federal Reserve Bank of Atlanta

The Federal Reserve Bank of Atlanta announced new roles for four leaders in the Sixth Federal Reserve District. Michael Chriszt has been named vice president of regional engagement, a new position for the bank. Marc Fordham was promoted from assistant vice president to vice president of external relations. Misty Skedgell has been promoted to vice president of corporate communications. Patrick Dierberger has been promoted to vice president of Financial Management and Planning. Read more here.


Blackburn Pajot Creson Clem Hood Lee



Godfrey Baker Cowart Donaldson Price



Read All About It: Send Us Your News

Please remember to include the Georgia Bankers Association on the list of recipients for announcements about promotions, new employees and special recognition your bank has received. We want to share your news with your colleagues across the state. Please forward your announcements and photos to GBA's Katina Prokos.

Back to top of E-Bulletin