COMMUNITY BANKERS ASSOCIATION OF GEORGIA
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ADVOCACY UPDATE




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Municipal Deposit Legislation

2/15/2019

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Sen. John Kennedy (R), Macon, has agreed to sponsor CBA’s priority municipal deposit legislation.  The bill has been drafted by legislative counsel.  CBA’s Lori Godfrey and James-Bates-Brannan-Groover-LLP’s John Sillay worked exclusively with the Office of the State Treasurer to hear Treasurer Steve McCoy’s concerns with the legislation as drafted.  Discussions with the Treasurer resulted in several modifications to the draft language in an effort to mitigate any concerns.  In addition, Lori Godfrey and John Sillay had discussions with the Department of Banking & Finance to ensure that the language of the proposed legislation does not impose any undue risk to the safety and soundness of Georgia banks.  After both agencies reviewed the final draft of the bill, CBA was told that all of the risks had been mitigated.  Revised language was submitted to legislative counsel and we are currently waiting for finalization of the bill so a bill number can be assigned and the bill can eventually be introduced in the Senate.

The bill will allow community banks to compete with large, often out-of-state banks, for local municipal accounts and deposits.  Community banks, many in rural Georgia, would be able to accept local government’s funds, allowing these banks in turn to reinvest and loan monies back into their own communities and spur economic activity. Increased lending will spur business growth, jobs and boost statewide economic activity.  Georgia is the ONLY state that does not permit local governments to utilize deposit placement services as an alternative to collateralization of public deposits.  According to the FDIC, community banks make over 40% of all small business loans in the country.  By keeping municipal deposits local and with local community banks, banks will have a greater ability to make more residential, commercial, agricultural and consumer loans in Georgia communities.  This bill also helps community banks by greatly improving the bank’s liquidity position if this option is used instead of the direct pledging method.

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    Lori Godfrey
    EVP, Chief of Staff, Government & Regulatory Relations
    View my profile on LinkedIn
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  • HOME
  • ABOUT CBA
    • Board of Directors
    • CBA Committees
    • LEAD Division
    • Office Directions & Hours
    • Our Team
    • Privacy Policy
    • Remembering Julian Hester
  • MEMBERSHIP
    • Member Login
    • Associate Members >
      • Associate Member Benefits & Application
      • Associate Member Directory >
        • Company Listing Update
    • Bank Members >
      • Member Benefits
      • Member Bank Directory >
        • Bank Listing Update
      • Lifetime Service Awards
    • Preferred Service Providers
    • ADVERTISING & SPONSORSHIP OPPORTUNITIES
    • Resources >
      • CBA Legal Hotline
      • CBA Career Center
      • CBA Wellness Solutions
      • April is Community Banking Month
      • Marketing Resources
      • Useful Websites
  • PROFESSIONAL DEVELOPMENT
    • Community Bankers College
    • Programs >
      • Calendar
      • Programs by Functional Category
      • Webinars
      • Banker Regulatory Forum
      • Barret School of Banking
      • Community Bank Leadership Academy
      • Compliance Professionals Package >
        • 2023 Compliance Professionals Package
      • Connect (Convention)
      • Executive Channel
      • HR & Talent Development League
      • WINSPIRE - Women in Banking
    • Resources >
      • Cancellation Policies & Facility Maps
      • Compliance Resources
      • Disaster & Pandemic Support & Preparedness
      • FDIC Regulatory Calendar
      • Financial Literacy
      • Speakers
    • Scholarships/Student Development >
      • Julian & Jan Hester Scholarship
      • McNair Scholarship
      • Walraven Scholarship
      • Rise Up - College Student Development Program
  • PUBLICATIONS
    • Advocacy Update
    • Education Buzz
    • eNewsletter - CBA Today
    • Georgia Communities First Magazine
    • Georgia Financial Directory
    • Innovation Circuit
    • Peachy Posts
    • Swaggin Wagon Adventures
  • ADVOCACY
    • Programs >
      • Clay Shoot
      • TopGolf Tournaments
      • Town Hall Talks
    • Advocacy Fund >
      • T-Shirt Advocacy Fundraiser
      • Corporate Donations
      • Individual Donations
    • Advocacy Update
    • ICBA Plan for Prosperity
    • Locate Your Legislator
    • Priority Legislation SB 157 >
      • SB 157 Survey
    • SBA/PPP Resources >
      • THE CARES ACT & SBA LENDING
      • Paycheck Protection Program
      • PSP & Associate Member Support During Covid-19
    • Silent Auction Items