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Georgia Supreme Court Affirms
Foreclosure Rescission Statute
 A
ruling by the Georgia Supreme Court Tuesday was an important
victory for consumers and lenders. The court upheld a lower
court's ruling in a case that questioned the rules by which a
lender can nullify a foreclosure sale that proceeded as a result
of mistakes or administrative errors.
In our view, the ruling affirms that the current rescission
statute is of benefit to borrowers and lenders in that it
encourages settlements before foreclosures and provides for an
inexpensive and efficient way to correct mistakes or
administrative errors that happen from time to time.
Learn more about the
state Supreme Court's ruling about the sale of foreclosures...
House Financial Services
Committee Activity
There
are several items of interest coming up before the U.S. House
Financial Services Committee. Georgia is fortunate to have
Reps. Lynn Westmoreland and David Scott as
members of the committee. Earlier this week, legislation,
H.R. 1723, by
Rep.
Bill Posey (R-FL) that would change the
definition of non-accrual loans for both regulatory and
financial reporting purposes was being heard in subcommittee,
along with a bill, H.R.
2056, introduced by Rep. Westmoreland requiring an FDIC
study on the impact of bank closures.
Read more about the busy week coming up in Washington for these
GA lawmakers...
Sen. Chambliss Cosponsors SEC
Registration Threshold Bill
 Our
thanks to Sen. Saxby Chambliss for cosponsoring
S. 556, which would raise
the securities registration threshold from $1 million to $10
million for total assets of an issuer that requires registration
of a certain class of equity security and sets the threshold
that requires registration of such a class of equity security at
2,000 holders of record if the issuer is a bank or a bank
holding company.
Learn more news about SEC registration for lenders...
Deadline Extended for OCC
Overdraft Guidance
Banks and the public now have until Aug. 7 to comment on the
OCC's
proposed guidance about safe and sound banking practices for
deposit-related consumer credit products, including automated
overdraft protection and direct deposit advance programs. We're
putting together a comment letter, and would welcome feedback. With questions, please contact
Elizabeth Chandler at 404.420.2027 or
Joe Brannen at 404.420.2026.
FDIC
OKs Executive Pay Clawback Rule
 At Chairman Sheila Bair's final FDIC Board meeting, the
agency issued a
final rule allowing FDIC to recover two years' pay from
executives at large institutions when FDIC is appointed
receiver. If fraud is involved in a failure, the rule allows for unlimited
recoupment of pay beyond two years.
Learn more about the rule
and FDIC's
ability to recoup executive wages from failed banks execs...
New Credit Score Disclosure
Rules Issued
Dodd-Frank Act rule implementation rolled on
this week as the
Fed and the FTC issued final rules
for new credit score disclosure requirements affecting
Regulation V (Fair Credit Reporting) and Regulation B (Equal
Credit Opportunity).
Read more about the final rules issued by the Fed & FTC about
credit score disclosures...And, sign up for our
new webinar July 14 about the rules.
Jumbo Loan Guarantee Limits Set
to Decline
The maximum size of mortgage loans eligible for government
backing through Fannie Mae, Freddie Mac and the FHA are set to
go down somewhat in the Fall. For Georgia, the declines will vary
by county and agency. For example, only Greene County will see a
decline in maximums for Fannie/Freddie guarantee limits. FHA
limits for Georgia vary more widely, however.
Read more about
the affects of the decline in federal guarantee maximums for
mortgage loans...
2011
BankPAC Campaign Update
 The 2011 BankPAC Campaign is off and running.
We are pleased to report a number of banks and bankers have already
contributed to the GBA BankPAC.
See who has contributed to
the GBA BankPAC so far...
GA DBF
News of Note from Its
Monthly Bulletin
 There are some noteworthy items in this month's Georgia
Department of Banking and Finance
bulletin. This year's Department of Banking and Finance
Housekeeping Bill (HB
239) included a
GBA-supported provision
changing the definition of "statutory capital base" for the
purpose of simplifying the calculation and eliminating
fluctuations as a result of unrealized gains and losses on
available-for-sale investment securities.
Get more
important news to note from the GA DBF's bulletin...
Curry
Gets Obama Nod to Head OCC
President
Obama intends to nominate FDIC
Board member Thomas Curry to be
Comptroller of the Currency for the OCC. Curry is a former
state banking regulator, serving two terms as the Massachusetts banking
commissioner..
Learn more about
Thomas Curry...
Atlanta Fed's 2010 Annual Report
Online
The 2010 Annual Report from the Atlanta Federal Reserve examines
the lingering effects of the Great Recession on the region and its slow
economic recovery. The report summarizes real estate, employment and overall
market conditions and their effects on our state's banking
industry.
See the Atlanta Fed's full annual report online...
Newsmakers
Read about all the Georgia bankers making news this week...
Send Us Your News
Please remember to include the Georgia
Bankers Association on the list of recipients for
announcements about promotions, new employees and special
recognition your bank has received. We want to share your
news with your colleagues across the state. Please forward
your announcements and photos to GBA's
David Oliver and Bogan Brannen. |
