In a cease and desist order, Georgia’s chief regulator, Robert Braswell, has told a suburban Atlanta firm, Georgia Entertainer’s Credit Union, to stop calling itself a credit union.
The Georgia Department of Banking and Finance is reminding credit unions to exercise the proper due diligence and follow-up before rolling out any new product line.
The $2.3 billion Georgia Central Credit Union, the state's corporate engaged in active merger talks on the NCUA-conserved Southwest Bridge Corporate FCU, has become a federal charter, its president/CEO, Greg Moore, confirmed Tuesday.
The recent attention on state budget cuts and their impact on financial oversight turned to Georgia last week as the state's top regulator and Georgia Credit Union Affiliates lamented the loss of examiners.
The head of Georgia Credit Union Affiliates weighed in on the growing national concern over examiner shortages citing frustrations over mandated cutbacks and funding inequities.
Georgia may be the nation's ground zero for having the highest number of bank failures-32-but state-chartered credit unions seem to be weathering the storm in good shape.