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GEORGIA RESIDENTS, TAKE CONTROL OF YOUR FINANCES: A GUIDE TO UNDERSTANDING FINANCIAL REGULATION IN THE PEACH STATE

Financial regulation in Georgia is overseen by the Department of Banking and Finance, ensuring that banks, credit unions, trust companies, mortgage brokers, and other financial institutions operate fairly and safely.

The Depository Division

The Depository Division regulates and examines state-chartered banks, credit unions, trust companies, and bank holding companies to ensure they are meeting strict safety and soundness standards. This includes:

  • Monitoring assets, liabilities, and risk management practices to prevent financial instability
  • Providing training and guidance on compliance with federal and state laws

The Non-Depository Division

The Non-Depository Division licenses and examines residential mortgage brokers and lenders, mortgage loan originators, consumer installment loan companies, money transmitters, and check cashers to ensure they are operating in compliance with state laws. This includes:

  • Verifying licenses
  • Investigating complaints
  • Taking enforcement action when necessary

Some of the key institutions regulated by the Non-Depository Division include:

  • Residential mortgage brokers and lenders: provide financing for homebuyers
  • Mortgage loan originators: help borrowers navigate the mortgage process
  • Check cashers: offer short-term financial services
  • Money transmitters: facilitate international money transfers

Services Provided by the Department of Banking and Finance

The department provides a range of services to both depository and non-depository institutions, including:

  • Training and guidance on compliance with federal and state laws
  • Regulatory oversight and examinations
  • Consumer protection and education

Staying Informed about Financial Developments in Georgia

In addition to its regulatory and service functions, the Department of Banking and Finance issues regular press releases to inform Georgians about important updates in the world of finance. From new regulations to consumer alerts, the department’s latest news is available online for anyone interested in staying up-to-date on financial developments in Georgia.

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