Rule 80-2-4-.08 - Application Requirements for Branch Offices(1) Branch offices may be established with the prior approval of the Department by regular application or by expedited application for certain qualified credit unions as provided in paragraph (3).(2) Unless the provisions related to an expedited application in paragraph (3) is satisfied, a credit union must submit an application to the Department in order to obtain approval to establish a branch office. An application will not be deemed to have been accepted by the Department until all portions of the application have been completed to the satisfaction of the Department. If the Department notifies the credit union of deficiencies in the application, the credit union must complete the application within thirty (30) days of receipt of the notification of the Department. The Department will approve or deny an application for a branch office within thirty (30) days of receipt of a completed application.(3) In lieu of an application, a credit union is authorized to submit an expedited application to establish a new branch office subject to the below conditions. (a) The credit union must meet the following criteria: 1. The credit union must be well capitalized as defined by the capital requirements of the Department and the NCUA;2. The credit union must have received a CAMELS composite rating of "1" or "2" as a result of the most recent state or federal examination;3. The credit union must not be subject to any agreements, orders, or other enforcement or administrative agreements with the Department or the NCUA; and4. Total investments in fixed assets do not exceed sixty (60) percent of net worth.(b) The expedited application must include the following:1. The physical address of the branch office;2. A statement regarding whether or not an insider is involved in the acquisition, construction, or leasing of the property;3. The anticipated fixed asset investment for this proposal and whether the credit union will be in compliance with Rule 80-2-4-.02; and4. A statement certifying that the credit union qualifies for expediated processing under subparagraph (a).(c) Unless it has previously issued an approval letter under subparagraph (d), the Department will attempt to acknowledge receipt of an expedited application or notify the applicant that it does not qualify for expedited processing and may submit an application for regular processing within two business days of receipt of such notice.(d) The approval to establish a branch office will be effective at the earlier of the approval letter from the Department or 10 business days from the date of acknowledged receipt.(e) Notwithstanding the above, the Department may deny or remove from expedited processing any credit union's application where it finds that: 1. Safety and soundness concerns of the Department dictate a more comprehensive review;2. Any material adverse comment is received by the Department;3. Other supervisory concerns, legal issues, or policy issues come to the attention of the Department;4. If applicable, any acquisition of fixed assets would cause the institution to exceed the fixed asset limitation; or5. Any other good cause exists for denial or removal. In this event, the credit union will be notified that expedited processing is not available, the reason, and instructions as to how to proceed.
Ga. Comp. R. & Regs. R. 80-2-4-.08
O.C.G.A. §§ 7-1-61, 7-1-663, 7-1-665.
Original Rule entitled "Application or Notice Requirements for Branch Offices" adopted. F. Jan. 8, 2021; eff. Jan. 28, 2021.Amended: New title, "Application Requirements for Branch Offices." F. July 7, 2022; eff. July 27, 2022.Amended: F. July 7, 2023; eff. July 27, 2023.