Municipal Deposit Legislation

SB 157 is a CBA driven bill that was presented to the Senate Banking & Financial Institutions Committee on Tuesday.  CBA’s John McNair and Lori Godfrey along with Vinings Bank’s Clark Hungerford provided testimony to the Committee on this bill.  The bill was passed unanimously by the Committee.  The bill is expected to be placed on Monday’s Senate Floor Calendar for a vote.  We urge you to contact your Senator and ask them to support SB 157!  If you need help determining who your legislator is, then please visit https://openstates.org/ga/legislators/ and input your address.  Contact information for your legislators can be found on this page.  Grass roots advocacy is critical to help us get this bill to the finish line!  If the vote in the Senate is successful, then we have several more steps to come in the House once the bill crosses over and we will need your help at that time as well.  Byutilizing this service, it will help keep local government deposits in your communities and will increase the opportunity for lending to customers and businesses.  Due to the importance of this legislation, several other industry stakeholders such as NFIB (National Federation of Independent Businesses), GMA (Georgia Municipal Association), ACCG (Association County Commissioners of Georgia), and Georgia Bankers Association have agreed to support CBA’s efforts to codify this legislation.

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