Georgia State-Chartered Banks and Credit Unions Closure Procedures
In light of recent inquiries related to COVID-19, the Department would like to remind all Georgia State-Chartered Banks and Credit Unions of emergency closing notification procedures. Georgia Banks and Credit Unions Closure Procedures
The Department of Banking and Finance regulates Merchant Acquirer Limited Purpose Banks (MALPBs) that are chartered by the State of Georgia.
An MALPB is a type of special purpose bank, chartered under the Georgia Merchant Acquirer Limited Purpose Bank Act, O.C.G.A. § 7-9-1 et seq. The law is intended to allow merchant acquirers, who qualify for and receive the special purpose charter, to enter card networks directly rather than operating through a financial institution sponsor.