Financial Regulation Explained: A Guide for Georgia Residents

In today’s complex financial landscape, it’s essential to understand how financial institutions operate and who regulates them. This guide aims to provide Georgia residents with a comprehensive overview of the regulatory bodies that oversee the banking industry.

Understanding Regulatory Jurisdiction

The Georgia Attorney General’s Consumer Protection Division does not regulate the banking industry, so complaints should be directed to the appropriate state or federal agency.

National Banks and Federal Savings Associations

• Complaints about national banks with “National” in their name or followed by the initials “NA” should be filed with the Comptroller of the Currency.
• Similarly, complaints about federal savings and loan associations and savings banks whose names contain the word “Federal” or are followed by the initials “FSB” should also be reported to the Comptroller of the Currency.

Credit Unions

• Credit unions, which are not-for-profit institutions with membership based on a common characteristic such as place of employment, can be contacted directly.
• All credit unions in Georgia are insured by the National Credit Union Share Insurance Fund (NCUSIF), and complaints regarding deposit insurance can be directed to the National Credit Union Administration.

Finance Companies, Car Dealerships, and Lenders

• Complaints about finance companies, car dealerships, and lenders not affiliated with banks or credit unions should be reported to the Federal Trade Commission (FTC) if federal laws such as Regulation Z - Truth in Lending are involved.

Deposit Insurance and Regulatory Agencies

Federal Deposit Insurance Corporation (FDIC)

• The FDIC insures deposits up to $250,000 in member banks.
• For questions or complaints involving state- or federally-chartered financial institutions regarding deposit insurance, discriminatory lending practices, or rules that encourage institutions to meet local credit needs, contact the FDIC’s Consumer Response Center.

Federal Reserve Bank

• The Federal Reserve Bank is responsible for administering many federal banking laws.
• Regional Federal Reserve banks handle complaints based on the geographic location of the bank’s headquarters. For information or to file a complaint regarding a bank headquartered in the Southeastern United States, contact the Federal Reserve Bank of Atlanta.

Georgia Department of Banking and Finance

• The department regulates and examines state-chartered banks, credit unions, and trust companies.
• It also has regulatory authority over mortgage brokers, lenders, processors, check cashers, sale of check companies, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia.

Conclusion

By understanding who regulates the financial institutions that serve Georgia residents, consumers can make informed decisions about their financial lives and ensure they are protected from unfair or deceptive practices.