Share this:

June 28, 2024

Georgia House Study Committee on Interchange Named

Georgia House Speaker Jon Burns (R-Newington) this week announced the members of the House Study Committee on Credit Card Fees on State Sales and Excise Tax and Their Impact on Georgia Merchants and Consumers. This committee was created by the adoption of HR 1135 by Rep. Todd Jones (R-South Forsyth) during the 2024 session of the Georgia General Assembly. Rep. Will Wade (R-Dawsonville) was named chair of the committee. Speaker Burns also appointed the following state representatives and non-legislative members:
  • Rep. Noel Williams (R-Cordele)
  • Rep. Todd Jones (R-South Forsyth)
  • Rep. Terry Cummings (D-Mableton)
Non-Legislative Members:
  • Mr. Wayne Akins, Synovus, Columbus
  • Dr. Joe Ruhland, Georgia Southern University, Statesboro
  • Ms. Gina McCollum, Business Payment Solutions, Gainesville
  • Mr. Kevin Carroll, RaceTrac, Atlanta
  • Mr. CB Yadav, GOPE Management Company, St. Marys
  • Ms. Laura Lanier, Small Business Owner, Statesboro
No committee meetings have been scheduled as of this publication; however, we will report on the committee’s work between now and the end of the year. Contact GBA’s Elizabeth Chandler with questions at echandler@gabankers.com.
Jon Burns
Todd Jones
Will Wade
Noel Williams
Terry Cummings

Happy Independence Day from the Georgia Bankers
Association

The staff here at GBA joins you and your families in appreciating and celebrating the unique and special freedoms we enjoy as Americans this July 4. We wish you, your families and customers a meaningful, fun and safe Independence Day. Unless there is some critical breaking news, we won't be publishing an E-Bulletin next week, so look for our next edition on July 12.

Three Members Make Top 20 Performer List

Congratulations to United Bank, Zebulon, MetroCity Bankshares, Atlanta, and Gulf Coast Bank & Trust Company, New Orleans (its Gulf Coast Business Credit division is an Associate Member), for being named among American Banker’s top 20 performing banks with assets between $2-$20 billion. United Bank is ranked No. 3, MetroCity Bankshares is No. 15 and Gulf Coast Bank & Trust Company is No. 16. The rankings are based on an institution’s three-year average return on average equity (ROAE). Read more and see the full list here. (subscription may be required)

Asset/Liability Committee Checks In

GBA’s volunteer committee of bank finance officers met Wednesday in Macon to discuss best practices, overall market conditions and begin planning the 2024 Financial Risk Management Conference. Led by incoming Committee Chair Holt Redding, South Coast Bank & Trust, and incoming Vice Chair Matt Donaldson, Durden Banking Company, the committee covered the latest trends in liquidity, loan demand, investment management, margin management and exam focus areas. While each bank’s situation is unique, most reported good loan growth and steady liquidity. Deposit competition remains strong, with aggressive rates persisting in many areas.
Several peer banker panels and other experts will cover these topics and more at the conference, which will be Nov. 7-8 at the Westin Buckhead, Atlanta. Be on the lookout for program details and registration information soon.
Thanks to outgoing Chair Haynes Standard, First State Bank, for his leadership during the 2023-2024 program year. With questions, contact Alison Moreau, 404.420.2034.

Fed’s Bostic Anticipates Rate Cut in Q4

In an essay published Thursday, Raphael Bostic, president and CEO of the Federal Reserve Bank of Atlanta, says progress against inflation has not fully stalled, and he thinks a rate cut may be in order in the fourth quarter this year. Here are some takeaways from his thoughts:
  • Inflation Progress: Inflation declined significantly in 2023, but the rate of progress slowed in early 2024. Recent reports show signs of improvement, with a year-over-year PCE inflation rate of 2.7% in April, unchanged from November 2023.

  • Price Stability Efforts: The percentage of goods and services with price increases over 5% has decreased to 35%, down from 70% in May 2022, indicating narrowing price pressures.

  • Fed's Policy Stance: Bostic expects inflation to reach the 2% target by 2025 or later. He suggests potential rate cuts in Q4 2024 if data shows clear progress towards the target, to avoid unnecessary economic disruptions.

  • Broader Economic Influences: The pandemic's lasting impact and changes in business practices, such as the rise of software as a service, are influencing the economy's response to monetary policy. Signs of economic deceleration are emerging, which could help balance supply and demand, putting downward pressure on prices.

Small Business Data Collection Compliance Dates Update

The CFPB this week formalized previously announced extended compliance dates for its Section 1071 small-business data collection rule by 290 days. The interim final rule issued this week says new deadlines for data collection are July 18, 2025, for high-volume lenders, Jan. 16, 2026, for moderate-volume lenders, and Oct. 18, 2026, for the smallest-volume lenders, with data reporting to the CFPB due by June 1 following the calendar year of collection. Additionally, the CFPB announced it will not assess penalties for reporting errors in the first 12 months of collection and will conduct examinations to help lenders identify compliance issues as long as they make good faith efforts. Get details here.

Registration Now Open for Fall South Georgia Community Banking Symposium

GBA is pleased to announce its continued partnership with Valdosta State University's Harley Langdale Jr. College of Business Administration for the South Georgia Community Banking Symposium. The 2024 event will be Thursday, Oct. 10, at Valdosta State University. This regional symposium features experts who focus on the important issues facing the banking industry, opportunities for partnership with the University in developing students interested in banking careers and a specific focus on south Georgia.
Who Should Attend:
  • CEOs and Presidents
  • Board Members
  • Management Teams
  • Lenders and Retail Business Development Officers
  • HR and Marketing Teams
  • Others with Customer-Facing and Community Responsibilities
It’s a great event for learning and networking for all bankers. Click here to reserve your spot today! Contact GBA's Kathy Friestad with questions.

BSA Programs coming your way!

BSA Peer Group Meeting, Sept. 24 in Macon

Registration is now open for our next BSA peer group meeting. Join GBA's BSA Summit lead facilitator, Kristen Stogniew along with your peers for our next in-person meeting, Sept. 24 at Idle Hour Country Club in Macon. With a large focus on banking COAM accounts, registrants will also be able to submit industry hot topics during the registration process to discuss during the meeting. Get all the details and register here.

Save the Date

BSA Summit, Jan. 13-16, 2025, at Lake Lanier Islands

BSA compliance professionals, mark your calendars! GBA’s BSA Summit is back. Our next session is set for the lake at Lake Lanier Islands in Buford, Jan. 13-16, 2025. Facilitated by Kristen Stogniew, Saltmarsh Cleaveland and Gund, attendees can expect a deep dive into the world of BSA compliance through a variety of sessions.
Look for registration details soon. Contact Aimee Corcoran with questions, 404.420.2035.

FHLBank Atlanta 2024 Election of Directors

Federal Home Loan Bank of Atlanta has begun the election to fill four directorships on its board of directors, including the member directorships in North Carolina and Virginia and two independent directorships, one of which will be a public interest independent director. The term of the directorships to be filled in this election begins on Jan. 1, 2025, and ends on Dec. 31, 2028. Pursuant to the bank’s board-approved Equal Opportunity Policy Statement, which is available on the bank’s website, the bank encourages the consideration of diversity in nominating or soliciting nominees for positions on the bank’s board of directors. Individuals interested in being considered for an independent directorship who meet the independent director requirements must complete and return to the bank, by 5 p.m. EDT on July 8, 2024, the application and related forms that are available on the bank’s website. If you have questions, please contact Courtney Tobin, Associate General Counsel, at 404.888.5343 or ctobin@fhlbatl.com.

Upcoming Seminars in Macon – Registration now open!

Personal Cash Flow Seminar - Aug. 20

Join Shannon Fortson, EVP, Chief Credit Officer of Pinnacle Bank, for an in-depth, comprehensive understanding on how to analyze personal cash flow and personal tax returns. Learn how to calculate sources and uses of personal cash flow to support a borrower’s loan request to ensure a strong and healthy loan portfolio. Get all the details and register here.

Loan Documentation Seminar - Aug. 21

Shannon Fortson returns as the leader for our Loan Documentation Seminar. Prevention of loan losses is crucial and begins with proper loan structuring and documentation techniques. Connect with peers and walk away with all the best tips and tools. Commercial loan officers, commercial loan personnel, loan assistants and closing specialists will benefit from this program. Get all the details and register here.

Business Cash Flow Analysis Seminar - Sept. 10

Peter Faser, business strategy adviser for The Profitability Coach and a faculty member of the Georgia Banking School, will lead an introduction and practical approach to business cash flow analysis for those needing a hands-on learning experience to determine a borrower’s capacity to repay a loan. Get all the details and register here.

Opening New Accounts Seminar - Oct. 1

Customized to Georgia Law, Matthew Dickinson of JM Consultants will focus on documentation and compliance during this full-day seminar. Attendees can expect to learn essential new account opening procedures, best practices, and compliance requirements. Matthew will answer complex questions asked by customers and staff while focusing on vital information for every new account type. Get all the details and register here.
Shannon Fortson
Peter Faser
Matthew Dickinson

New Fraud Academy Available Online or In-Person

We’re partnering with the Kentucky Bankers Association and 23 other state bankers associations for a unique fraud fighting program Aug. 6-8. The Fraud Academy is being offered virtually or in-person for the first time.
Why Attend?
  • Covering 18+ areas of specialized training including check fraud, cybercrime, elder fraud and more
  • Created and taught by police, Secret Service, FBI and fraud prevention specialists
  • Customized for bankers
  • Collaborate, share best practices and network with peers from 24 other states
  • In-person or virtual options available -- whichever is most convenient or preferred for you.
  • In-person is in Lexington, KY, at the Hilton Lexington/Downtown Hotel. Discounted rates are available through July 7.
Who should attend: BSA and security officers, operations teams, compliance officers, front-line team members and anyone with fraud-prevention duties.
With questions, contact GBA's Aimee Corcoran at acorcoran@gabankers.com.

Preparing for a Compliance Review of Your Marketing and Advertising is Easy with Bank Marketing Center

GBA Strategic Partner Bank Marketing Center (BMC) works with hundreds of banks nationwide, providing the tools and technology to ensure all ad and marketing activities are documented and archived in a central, easy-to-access location. Within minutes, anyone on your team can access the marketing projects examiners are looking for during exams, including the date and time each project received approval. Based on your preset criteria, BMC’s technology automatically routes everything to the right person for a compliance review, and nothing can go out the door without proper approvals. Files from different departments can even be uploaded and routed for approval in seconds. Register for a free personalized demo if you’re looking for a better compliance approval process. Investing 15 minutes now can save you valuable time and money. Contact Wes Walters with questions at wwalters@bankmarketingcenter.com, 540.818-4071.

Registration Opening Soon!

President/CEO, Bank Accountant, Bank Counsel Conferences – Register Today!

Be sure your bank or firm is represented at Georgia’s only President/CEO-level concurrent conferences focused specifically on top-management skill-building, intelligence sharing and connections. The President/CEO, Bank Accountant, Bank Counsel Conferences will be Sept. 29 - Oct. 1 at The Charleston Place in Charleston, SC. Conference agendas are planned by your peer bankers, attorneys and accountants and will provide exclusive insight into strategy, trends and best practices to help ensure your companies' and firms' success in the future. The President/CEO Conference is planned and hosted by the GBA Community Bankers Committee and features general sessions relevant for attendees of all three conferences. The Bank Accountant and Bank Counsel Conferences are planned and hosted by the GBA Bank Accountants Section Board and the Bank Counsel Section Board, respectively. Each agenda has sessions tailored to address the unique needs of those peers. Register today by clicking here. Click here for hotel information.
A hearty thanks to these associate members who are supporting this event through sponsorship: Carr, Riggs & Ingram, LLC; EBS; Elliott Davis, LLC; Fenimore Kay Harrison LLP; FHLBank Atlanta; Mauldin & Jenkins; McNair, McLemore, Middlebrooks & Co., LLC; Nichols, Cauley & Associates, LLC; ServisFirst Bank; Troutman Pepper LLP; and Warren Averett. Contact GBA’s Kathy Friestad with questions.

GBA Associate Member Haberfeld

Unlocking Growth: A Practical Guide to Leveraging Your Bank’s Data

By Achim Griesel and Dr. Sean Payant
In the digital age, financial institutions find themselves sitting on a goldmine of data—a treasure trove with the potential to revolutionize the way they operate. From understanding consumer spending habits to predicting financial needs, institutions want to leverage that data to drive success in an ever-evolving industry. Before delving into the multiple ways financial institutions can use data to their advantage, it’s crucial to first establish clear objectives and outcomes rather than utilizing data without a clear purpose. And, when it comes to growth, financial institutions typically focus on a few key goals. Read more of the article from GBA Associate Member Haberfeld here.

Full agenda announced!

Compliance Conference - Oct. 23-25, The Westin, Jekyll Island

GBA’s Compliance Committee, Lindsay Hollaway, chair, The Four County Bank, and Renee McCuller, vice chair, BankSouth, is excited to announced this year’s agenda. Sessions include the latest updates on CRA, fair lending, 1071, small business data reporting and more! This conference is for any compliance professional needing to sharpen their skills, elevate their bank’s compliance management program, or looking to make connections and connect with their peers. Get all the details and register here.
We’d like to thank these GBA Associate Members who are showing their support through sponsorship –
  • Platinum: Steve H. Powell & Company and Centrant Community Capital
  • Silver: Mauldin & Jenkins, Carr, Riggs & Ingram, Compliance Alliance, Ncontracts, and Troutman Pepper.
With questions, contact Aimee Corcoran, 404.420.2035.

Compliance Alliance – Question of The Week and Did You Know?


Question: Under Regulation E § 1005.6(b)(1) and§ 1005.6(b)(2), a consumer’s liability is limited related to the discovery of loss or theft of an ”access device.” What exactly is an access device?
Answer: An access device is not just limited to a debit card itself but also includes personal identification numbers (PINs), telephone transfer and telephone bill payment codes, and other means that a consumer may use to initiate an electronic fund transfer (EFT) to or from a consumer account. The term does not include magnetic tape or other devices used internally by a financial institution to initiate electronic transfers, nor does it include a check or draft used to capture the Magnetic Ink Character Recognition (MICR) encoding to initiate a one-time automated clearinghouse (ACH) debit.
Did You Know?
Did you know the APR for discounted variable-rate loans is calculated differently than for variable-rate loans without an initial discounted rate?
When creditors use an initial interest rate that is not calculated using the index or formula for later rate adjustments, the disclosures should reflect a composite annual percentage rate based on the initial rate for as long as it is charged and, for the remainder of the term, the rate that would have been applied using the index or formula at the time of consummation. See eCFR: Supplement I to Part 1026, Title 12 -- Official Interpretations and the commentary to Paragraph 17(c)(1).
Live Demo Signups for Compliance Alliance:

Webinars - Great for Fundamentals Training
Do’s and Don’ts on Checks, Compliance for Beginners, Lending for Non-Lenders and More

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

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


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.
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.

GBA Community Connections

We want to share all the good work GBA member banks, bankers, Associate Members and Bank Counsel Section members do to support their communities. Here's our latest installment:
Atlanta - First Horizon Bank
The First Horizon Foundation has awarded grants of $10,000 each to Alliance Theatre, BCM Georgia, Marietta Kiwanis Foundation, Inc., PAWS Atlanta Inc., P.O.W.E.R. Atlanta Inc., Star Foundation of Coastal Georgia, and Westside Future Fund.
Eastman - Magnolia State Bank
To show appreciation for Dodge County/Eastman first responders, the bank catered lunch at the American Legion for the first responders from the police, fire, EMT, and sheriff's departments.
Suwanee - The Piedmont Bank
The bank sponsored the new Suwanee Town Center Park’s First Look event.

GBA Newsmakers

Check out these Georgia bankers making news this week:

Atlanta - Ameris Bank
Kelsey Madrid has joined the bank as a marketing and events specialist, and Angie Hernandez has joined the bank as a consumer marketing specialist.
Bainbridge - First Port City Bank
Renishia Rambo has joined the bank as a teller at its main branch in Bainbridge. Austin Aldridge has joined the bank as a marketing intern.
Gainesville - Peach State Bank & Trust
CFO and Executive Vice President Charles Blair has been named to the bank’s board of directors. Read more here.
Griffin - First National Bank of Griffin
Kelly Smith has been promoted to executive vice president and Chief Credit Officer. Smith is filling the position formerly held by Chris Hill, who recently retired after a 50-year career with the bank. Read more here.
Lavonia - Northeast Georgia Bank
Rick Basinger was honored by the bank with an event celebrating his retirement. Rick is a past member of the GBA board, the GBA Services, Inc., board and past chair of the GBA Community Bankers Committee. We appreciate his service to the association and the industry over the years. GBA's Kathy Friestad was on hand for the festivities. Pictured from L-R are bank President Lee Vaughn, Rick, Kathy and bank CEO Bill Hogan.
Lawrenceville - Embassy National Bank
Scott Zheng has joined the bank as vice president, IT director.
Moultrie - South Georgia Banking Company
Neil Shumans
has joined the bank as a senior vice president and commercial lender for the Moultrie market.
Richmond Hill - Great Oaks Bank
Cameron Smith has joined the bank as vice president, senior credit officer. Read more here.
Statesboro - Bulloch First
Jake Maples has joined the bank as a commercial lender and vice president.
Tifton - South Georgia Banking Company
Bethany Tyler
has joined the bank team as senior vice president and director of operations support.
Waycross - PrimeSouth Bank
Janice O’Connell has joined the bank’s mortgage team as a loan originator.
Kelsey Madrid
Angie Hernandez
Renishia Rambo
Austin Aldridge
Charles Blair
Kelly Smith
Celebrating Rick Basinger
Scott Zheng
Neil Shumans
Cameron Smith
Jake Maples
Bethany Tyler
Janice O'Connell

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 David Oliver and Katina Prokos.
Webinars by topic: