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Georgia regulator issues C&D order to unregistered entity operating as bank

The Georgia Department of Banking and Finance on Nov. 16 issued a cease and desist order to Visa Fund Management Ltd., which does business as Visa Bank.

The state regulator said it has no record of Visa Fund Management and has not approved the entity to organize a bank and/or conduct a banking business in or from Georgia. The state regulator also has not granted the entity permission to use "bank" or "trust" in its name.