A 3876
Requires State-chartered financial institutions to increase minimum reserve balances by five times amount of previous year's losses relating to fraud and theft.
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Sign in to take action- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill requires New Jersey’s state-chartered banks and credit unions to significantly increase their minimum reserve balances. These reserves must be at least five times the total amount of losses the institution experienced due to fraud, theft, cyber theft, and robberies in the previous year. The bill also mandates that these institutions conduct an annual audit to verify their reserve levels and report the findings to the state’s banking regulator.
Sponsors
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Primary sponsor
Craig Coughlin
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