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.
Robert Braswell, state commissioner, acknowledged that the Department of Banking and Finance, which currently has 61 bank-CU examiners, has witnessed a drop of six examiners over the past two years as positions go unfilled. "That is something we would love not to have happen," he said.
Michael Mercer, president/CEO of Georgia Credit Union Affiliates, said the problem of examiner reductions caused by mandated cutbacks is frustrating considering the "DBF collects substantially more in the way of fees from financial institutions than it gets to spend for examination and supervision staff."
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