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ADVOCACY UPDATE




​SPONSORED BY: 
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Financial Technology Sandbox Act

1/17/2020

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HB 763 was introduced by Representative Todd Jones (R), South Forsyth.  This bill would create a ‘sandbox’ program to allow program participants to test  financial products or services under the supervision of the Attorney General. In order for a product or service to qualify for the sandbox program, such product or service must satisfy the two-pronged definition of “Innovative”. First the product or service must use new or emerging technology or reimaging existing technology. Second, the product of service must be “a product, service, business model, or delivery mechanism that is not known by the Attorney General to have comparable widespread offering.” The bill outlines other administrative requirements for applying for and implementing the program, including consumer disclosures, but otherwise, our initial understanding is that the “sandbox” could be more like a beach, depending on the discretion exercised by the Attorney General.
 
Given the highly regulated financial industry, the unknown scrutiny from a federal level, and the potential impact of this bill on Georgia’s community banks, CBA is closely reviewing this bill and will monitor its progress throughout the session.
 
This bill was assigned to the House Banks & Banking Committee.  

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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