NJ S1477

State-chartered financial institutions in New Jersey must maintain additional reserve balances equal to at least five times the total value of thefts, cyber thefts, fraud, and robberies reported in the previous year, plus any related damages

The additional reserve requirement is on top of any existing reserve or minimum capital requirements already mandated by law or regulation

Financial institutions must conduct annual audits of losses from theft, cyber theft, fraud, and robbery and report findings to the Commissioner of Banking and Insurance

Covered institutions include banks, savings banks, savings and loan associations, building and loan associations, and credit unions organized under New Jersey state law

The law would take effect one year after enactment