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ADVOCACY UPDATE




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Bill Highlight's: H.B. 522 & S.B. 201

2/19/2021

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H.B. 522 was introduced in the House by Rep. Marvin Lim (D), Norcross, this week. The bill relates to the Department of Banking & Finance (DBF) and financial institutions and provides that community reinvestment evaluations will be conducted by the Department. The bill was assigned to the Banks & Banking committee. Information about this bill is still unfolding. The bill hasn't been to a committee hearing for explanation and advisement by the committee members. Based on the bill's current draft, CBA has concerns with the bill as drafted.  As written, the bill would require the DBF to have an entirely new examination program.  What budget considerations (salaries, office space, benefits, etc.) would the legislature give DBF to implement the new program?   Given the state of the budget, where would these funds come from?  The second concern relates to this bill leaving our state-chartered institutions at a disadvantage.  State-chartered institution would be subject to two community reinvestment act regimes instead of just one for federally-chartered institutions.  CBA plans to reach out to the sponsor of the bill to discuss the issues at hand for our community banks.  We will closely be watching the progression of this bill. 
 
S.B. 201 was introduced in the Senate by Sen. Chuck Hufstetler (R), Rome, this week. The bill relates to the Department of Revenue (DOR) and financial institutions regarding Georgia delinquent taxpayers. The bill would require financial institutions to provide certain information related to delinquent taxpayers to the DOR under certain conditions.  The bill was assigned to the Finance committee. The DOR has been in contact with CBA and other stakeholders on a draft of this bill.  DOR staff explained that this bill was to mirror a similar law related to child support data match that is federally mandated by the government. However, the DOR draft closely resembled the child support law, but without the liability protections and the lawful disclosure of information to a financial institute's client under investigation. CBA and other stakeholders suggested that DOR align this bill with the child support law by including those liability protection provisions in the bill.  Another concern relates to the payment of services to the financial institution for running the delinquent taxpayer's information and the timeframe allotted for the action.  We are continuing to work with the DOR and Rep. Hufstetler to improve this bill for community banks. 

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    Authors
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    Lori Godfrey
    EVP, Chief of Staff, Government & Regulatory Relations

    Tyler Eck
    Government and Regulatory Relations Associate


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  • Home
  • About CBA
    • Member Login
    • Board of Directors
    • Membership Overview
    • CBA Committees
    • Our Team
    • Remembering Julian Hester
    • Directions to Our Office
  • Contact
  • Membership
    • Member Directory >
      • Bank Listing Update
    • Preferred Service Providers
    • Associate Member Directory >
      • Company Listing Update
    • Associate Member Benefits & Application
    • Member Benefits
    • Excecutive Channel
    • CBA Wellness Solutions >
      • Peachy Posts
  • Professional Development
    • CBA University >
      • Calendar
      • Webinar Series
      • Archived Webinars
      • Barret School of Banking
      • 2021 Compliance Professionals Package
      • HR & Talent Development League
      • The Community Bank Leadership Academy
      • Compliance Resources
      • Cancellation Policies & Facility Maps
      • Speakers
      • Venue Availability
      • Southeastern Community Bankers Association
    • Conventions/Events >
      • 53rd Annual Convention & Mini-Trade Show
      • Banker Regulatory Forum >
        • Banker Regulatory Forum Questions
      • Small Business Day at the Dome
      • PAC/PR Fundraising Events >
        • PAC/PR Clay Shoot
      • Call for Presentations
  • COMMUNICATIONS
    • Communications Overview
    • Advertising Opportunities
    • Sponsorship Opportunities
    • Quarterly Marketing Toolkits >
      • February - I Love My Community Bank
    • Georgia Communities First Magazine
    • Julian & Jan Hester Scholarship
    • Walraven Scholarship
    • eNewsletter - CBA Today
    • Lifetime Service Awards
  • Advocacy
    • Advocacy Update
    • Priority Legislation SB 157 >
      • SB 157 Survey
    • Locate Your Legislator
    • CBA's PAC/PR Fund >
      • T-Shirt Fundraiser PAC/PR
      • Corporate Donations
      • Individual Donations
    • ICBA Plan for Prosperity
  • Resources
    • THE CARES ACT & SBA LENDING
    • Paycheck Protection Program
    • Disaster & Pandemic Support & Preparedness
    • CBA Legal Hotline
    • PSP & Associate Member Support During Covid-19
    • CBA Career Center
    • Rise Up - College Student Development Program
    • Georgia Financial Directory
    • ICBA
    • Salary Survey
    • Financial Literacy
    • Useful Websites
    • FDIC Regulatory Calendar
    • CBA Privacy Policy