April 23, 2020

 

Atlanta, Georgia – Today, the Department of Banking and Finance, State of Georgia (“Department”) issued an Order to Cease and Desist to Coast Credit Union.  It is unlawful to conduct and/or be affiliated with a credit union business in Georgia without authorization from the Department.  It is also unlawful to use the words “credit union” in any entity’s name without the permission of the Department.  The Department has no record of Coast Credit Union, which purportedly has a location in Chamblee, Georgia, and has not approved this entity to organize a credit union and/or conduct a credit union business in or from Georgia.  Furthermore, the Department has not granted Coast Credit Union permission to use “credit union” in its name.

 

The terms of the Order include the following: 

 

  • Immediately Cease and Desist from using “credit union” or any derivative thereof in its name in any form, including any marketing material, correspondence, mobile application, signage, correspondence, and/or legal documentation that could reach Georgia consumers without the written authorization of the Department.

 

  • Immediately Cease and Desist from using “credit union” or any derivative thereof in its name in any form, including any marketing material, correspondence, internet website, mobile application, signage, and/or legal documentation originating from within this State without the written authorization of the Department.

 

  • Immediately Cease and Desist from claiming to be a credit union, in any form, including any marketing material, correspondence, internet website, mobile application, signage, and/or legal documentation that could reach Georgia consumers.

 

  • Immediately Cease and Desist from claiming to be a credit union, in any form, including any marketing material, correspondence, signage, internet website, mobile application, and/or legal documentation originating from within this State.

 

  • Immediately Cease and Desist from providing any financial products or services to the citizens of Georgia by any delivery system, including the internet, facsimile, or telephone while using the words “credit union” or any derivative thereof without the written authorization of the Department.

 

  • Immediately Cease and Desist from providing any financial products or services from within this State by any delivery system, including the internet, facsimile, or telephone while using the words “credit union” or any derivative thereof without the written authorization of the Department.

 

Contact:

Mathew Robinson

Supervisory Manager

Phone: (770) 986-1627

E-mail: mrobinson@dbf.state.ga.us