Rules and Regulations of the State of Georgia
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Subject 80-2-1 BOOKS AND RECORDS

Rule 80-2-1-.01 General Requirements for Accounting Procedures

(1) A credit union is required to maintain its books of account in accordance with Generally Accepted Accounting Principles, including a complete and accurate account of:
(a) All of its assets, whether in its name or in the name of another person;
(b) All of its liabilities, its borrowings, and any security interests in its assets; and
(c) All of its income, expenses, capital gains and losses.
(2) Each credit union shall, by the end of each month, prepare a financial statement reflecting its position and operations of the preceding month. This statement, to be prepared from the accounts of the general ledger of the credit union, shall include a complete report of the credit union's earnings, setting forth in detail all items of income and expense. It shall be signed by an officer of the credit union and attested to by one member of the Board of Directors who is not an officer of the credit union. In the event the credit union shall become aware of a misstatement in a financial statement, then the credit union must amend the financial statement in a timely manner. A notice, which the credit union shall at all times display, shall be posted in a public area of its main office and each branch office as well as any credit union website, informing its members that the monthly financial statement may be examined, upon request of a member, at each office of the credit union and/or on the credit union's website. The notice shall include at a minimum, directions as to who to contact to view the statement.
(3) Each credit union shall file with the Department a complete report of its condition as of the last business day in March, June, September and December of each calendar year and at such other dates as the Commissioner may determine. Such reports shall be filed no more than thirty (30) days after the close of the applicable accounting period. Each such report shall be on forms required by the Department and shall be attested as provided on the form.

Rule 80-2-1-.02 Minimum Requirements for Books and Records

(1) In addition to the requirements otherwise set forth herein, the following subsidiary records must be maintained:
(a) Securities Register - shall contain a record of all securities, certificates of deposit, commercial paper, acceptances, and other investments bought or sold, showing date of transaction, proper name of the security, interest rate, maturity date, par value, purchase price, book value, schedule of amortization of premium and accretion of discounts, and location where the security is held.
(b) Loan Ledgers -
1. credit unions shall maintain a record of the direct and indirect liability of each member;
2. where a credit union elects to maintain installment loans separately from other direct loans of a borrower and does not include them on the Liability Ledger above, they may be maintained in a separate ledger with payments being posted directly thereto. Such ledger must reflect any and all modifications to the terms of the original note contract which may be granted from time to time, i.e., adjustments of the due date or amount of payments;
3. such record may be maintained in whatever order desired by management, i.e., alphabetical, numerical, class of loan, except where they are not maintained alphabetically, a cross-reference file must be maintained.
(c) Deposit Ledgers - credit unions must maintain separate deposit records for each general ledger segregation of deposits. Such record must contain a continuing itemized record of all deposits and withdrawals. Deposits will be segregated into no fewer than the following categories: Transaction or Share Draft Accounts, Savings Deposits, Christmas Savings, and Member Deposit Certificates. Deposit records must be posted daily wherever the credit union offers transaction or share draft accounts; provided, a credit union may defer business conducted on Saturday for posting on the next business day. Such record may be maintained in whatever order desired by management; i.e., alphabetical, numerical, class of deposit, except where they are not maintained alphabetically, a cross-reference file must be maintained.
(d) Income and Expense Register - a detailed record of income and expenses must be maintained. Expenses are to be recorded in such detail as to clearly describe each expense; i.e., supplies, rent, salaries, etc.
(e) Cash Items Register - a daily listing must be maintained of all cash items held which shows the maker on the item, last endorser, date acquired, amount, and reason held.
(f) Charged-Off Assets - all charge-offs, including loans, must be approved by the Board of Directors and such approvals recorded in the minute book. A permanent record of all charge-offs and recoveries thereon must be maintained. When a recovery is made on an asset that has been charged off, the funds are to be credited to the regular reserve and applied to the account that was charged off.
(g) Safekeeping Register - a register must be maintained of all items held for safekeeping by a credit union for its members other than items maintained in a safe deposit box under the sole control of the member. The register should describe the item fully, show the name of the owner, date received, and the number of the receipt given to the member. When the item is returned to the member, the receipt must be secured by the credit union, signed by the member stating that he has received the item that was held for safekeeping. The receipt must then be maintained with the safekeeping register.
(h) Reconcilement Records - the Audit Committee shall reconcile correspondent account statements monthly or shall verify for accuracy reconcilements made by others. A copy of each reconcilement shall be filed in chronological order and kept as a record. The Audit Committee may delegate this responsibility to an internal auditor provided such person has no authority to sign on the account or to initiate or post entries to the general ledger.
(i) Overdrafts - a record of all overdrawn deposit accounts shall be maintained. Such record shall contain the name of the account holder, the amount of the overdraft, and the date the overdraft originated. The most current record shall be approved by the Credit Committee or, in lieu thereof, by the board of directors of the credit union at least monthly, and such approval shall be recorded in the minutes of the meeting at which the action was taken. Overdrafts of less than $1,000, other than overdrafts on the accounts of officers, and directors may be aggregated and reported in lump sum;
(2) All subsidiary records maintained in support of General Ledger accounts must be balanced back to the General Ledger control balance at least monthly. After balancing at the end of each month on all accounts segregated in the general ledger, the balances and the amounts shown in the general ledger of those accounts and the reconcilement of differences, if any, must be recorded in the Trial Balance Log. The date and the initials of the person running the trial balance must be entered in the log.
(3) Information required to be maintained pursuant to this Rule may be in written form or available subject to access upon computer query. If available, subject to query access, a written record of such information shall be produced at least monthly.
(4) Where a credit union has net worth of $5,000,000 or more, review by the Board of Directors as required in paragraphs (1)(f) and (1)(i) above, may be delegated to a specific officer or department of the credit union where such delegation is recorded in the minutes of the Board of Directors. A properly constituted member of the Board of Directors may perform this function for the full Board of Directors regardless of the size of the credit union.

Rule 80-2-1-.03 Minimum Records Retention Periods

Retention of records of the State chartered credit unions shall be in accordance with Rule 80-10-1.

Rule 80-2-1-.04 Notification of Intent to Utilize a Federal Power

(1) In order to invoke O.C.G.A. § 7-1-671, a credit union must provide the Department with notice if it intends to utilize a federal power or avail itself of any federal preclusion or preemption of any provision of law, rule or regulation of this State. Such notice shall contain the following information:
(a) A detailed description of the proposed activity to be undertaken by the credit union;
(b) A citation to the specific federal authorization of such proposed activity;
(c) A description of any federal requirements, limitations, and/or restrictions imposed on the proposed activity;
(d) Documentation establishing that the credit union satisfies all the federal requirements, limitations, and restrictions to engage in the activity;
(e) To the extent the activity relates to a new product or service to be offered by the credit union, an analysis of how the proposed activity fits within the credit union's business plan;
(f) An analysis of the projected financial impact of the proposed activity; and
(g) Such other information as may be required by the Department.
(2) A notice shall be incomplete and, thus, not received by the Department until all information has been provided to the satisfaction of the Department.
(3) If the Department determines that the notice is incomplete, then the Department shall provide the credit union with notice of this fact. The credit union must cure any deficiencies in the notice or provide any information requested by the Department within thirty (30) days after receipt of such notification from the Department. If the credit union fails to address and/or cure the deficiencies or provide the requested information to the Department within the thirty (30) day period, the notice shall be deemed withdrawn. However, prior to the expiration of the thirty (30) day period, a credit union can make a written request for an extension of time to cure the deficiencies or provide the information requested by the Department and it shall be in the Commissioner's sole discretion to approve, conditionally or otherwise, or deny the request for an extension of time. Further, the Department may provide a credit union with multiple notifications of deficiencies with the notice or multiple requests for additional information.
(4) After the credit union satisfactorily completes the notice and provides all of the required documents, the Department will issue an official acceptance letter evidencing that the notice is deemed complete. The issuance of the official acceptance letter shall not be construed as evidence that the federal power identified in the notice is authorized.
(5) Within 45 (forty-five) days after issuance of the official acceptance letter, the Department may object to the exercise of the federal power, in whole or in part, or to the federal preclusion or preemption of the law, rule, or regulation of this State, in whole or in part. Prior to the expiration of the review period, the Department may extend the review period for an additional 45 (forty-five) days by providing the credit union with written notice of such extension. In the event the Department does not object to the exercise of the federal power during the applicable review period, the credit union will have satisfied the requirements in O.C.G.A. § 7-1-671 to exercise the federal power.

Rule 80-2-1-.05 Notice of Unauthorized Access to Customer Information

Pursuant to 15 USC § 6801 et seq. and 12 CFR Part 748, credit unions are required to develop and implement a response program that will be utilized in the event unauthorized access to member information has taken place. Member information is any record containing nonpublic information about a member, whether in paper, electronic, or other form maintained by or on behalf of a credit union. Federal law and regulations require disclosure to federal regulators of unauthorized access of customer information in certain circumstances. If disclosure of such unauthorized access is required under federal law, then a duplicate of such disclosure will simultaneously be submitted to the Department.

Rule 80-2-1-.06 Repealed