Banking commissioner outlines limited-purpose bank staffing and Copilot licensing plan

Commissioner Beau Fears of the Department of Banking and Finance appeared to the subcommittee via Zoom and described two spot examiner positions (MALPB examiners) included in the amended FY26 budget to regulate Merchant Acquirer Limited Purpose Banks, a novel charter he said Georgia is the only state to offer. Fears said three entities — Fiserv, Stripe and checkout.com — have been chartered so far and another application is pending.

He explained statutory requirements for Merchant Acquirer Limited Purpose Banks include a in-state presence or 50 employees, which has led some firms to locate in Georgia and creates jobs, the commissioner said. He also described a licensing line item to continue use of Copilot in FY27 but said the department will limit the system so publicly shared material will not be used for the product’s learning models and that confidential department data will be maintained internally.

The chair invited questions; none were raised. The committee thanked Commissioner Fears for appearing by Zoom.