CS/CS/HB 673 - Financial Institutions Summary

• State Preemption of Financial Institution Regulation: Prohibits counties and municipalities from enacting ordinances regulating financial institutions' activities and operations, including lending rates and practices, with exceptions for non-preempted investigations and proceedings.

• Anti-Money Laundering and Terrorist Financing Compliance: Requires financial institutions to designate a BSA/AML compliance officer and maintain comprehensive anti-money laundering policies; expands s. 655.50 to address both money laundering and terrorist financing.

• Conflict of Interest Restrictions: Prohibits directors and executive officers of state financial institutions from concurrently serving at nonaffiliated financial institutions in the same metropolitan statistical area unless the Office grants a waiver.

• Administrative Enforcement and Fines: Clarifies office authority to initiate administrative proceedings and imposes fines that begin accruing immediately upon service of complaint; establishes tiered fine structures based on violation severity.

• Credit Union and Trade Protections: Establishes procedures for credit union branch approvals, requires financial institutions to protect trade secrets in submitted documents, and creates liability protections for financial institutions extending credit; effective July 1, 2014.