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GA HB1635
Bill
Status
Introduced
4/4/2022
Primary Sponsor
Marvin Lim
Click for details
AI Summary
- Georgia Department of Banking and Finance must include a stress test in annual examinations of financial institutions with more than $10 billion in total consolidated assets that are not already subject to stress testing by the Federal Reserve System or the FDIC
- Department is prohibited from approving a proposed merger of financial institutions if the largest depository institution in the transaction (by average total risk-weighted assets over the prior 12 months) received a rating below "outstanding record of meeting community credit needs" on its Community Reinvestment Act (CRA) evaluations
- The merger prohibition applies if the institution scored below "outstanding" on two out of its three most recent CRA evaluations, or on its most recent evaluation if three are not available
- Amends Code Section 7-1-64 of Title 7 of the Official Code of Georgia Annotated, which governs department examinations, investigations, and disclosure requirements for financial institutions
Legislative Description
Banking and Finance, Department of; conduct stress tests on certain financial institutions; require
Last Action
House Hopper
4/4/2022
Full Bill Text
No bill text available