Rule 80-2-7-.03 - Credit Union Service Contracts: Requirements of Third Party Service Providers(1) Each third party service provider that enters into a credit union service contract with a state-chartered credit union shall be subject to examination and regulation by the department as if the entity were a state financial institution, as authorized by O.C.G.A. § 7-1-72.(2) In the event that a third party service provider has been examined by a federal agency that is a member of the Federal Financial Institutions Examination Council ("FFIEC"), or any successor entity, in the previous twenty-four (24) months and the department is provided a copy of the examination, the department shall accept the results of such examination in lieu of conducting its own examination. However, nothing contained herein, shall be construed as limiting or otherwise restricting the department from participating in such examination.Ga. Comp. R. & Regs. R. 80-2-7-.03
O.C.G.A. §§ 7-1-61, 7-1-663.
Original Rule entitled "Contracting to Perform or Have Performed Credit Union Services" adopted. F. Nov. 8, 1978; eff. Nov. 28, 1978.Amended: F. July 13, 1981; eff. August 2, 1981.Repealed: Rule reserved. F. July 28, 2003; eff. August 17, 2003.Adopted: New Rule entitled "Credit Union Service Contracts: Requirements of Third Party Service Providers." F. July 7, 2023; eff. July 27, 2023.