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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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill aims to strengthen the financial security of New Jersey’s banks and credit unions by requiring them to significantly increase their reserve balances. Specifically, financial institutions must maintain a reserve equal to five times the amount of losses they experienced from fraud, theft, cyber theft, and robberies in the previous year. The bill also mandates that these institutions conduct an annual audit of these losses and report the findings to the Commissioner of Banking and Insurance to ensure funds are available for customer recovery.
Bill text
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Document of record
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Sponsors
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1 on record
Primary sponsor
Joseph Cryan
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