Loading chat...
NJ S3572
Bill
Status
9/12/2024
Primary Sponsor
Joseph Cryan
Click for details
AI Summary
-
State-chartered banks, savings banks, savings and loan associations, building and loan associations, and credit unions must maintain additional reserve balances equal to at least five times the total value of thefts, cyber thefts, fraud, robberies, and related damages reported in the previous year
-
Financial institutions must conduct annual audits of all losses from theft, cyber theft, fraud, and robbery sustained during the previous year
-
Audit findings must be reported annually to the Commissioner of Banking and Insurance to verify institutions have sufficient reserves to reimburse customers for lost or stolen funds during investigation and recovery periods
-
The additional reserve requirement is separate from and in addition to any existing reserve or minimum capital requirements under current law
-
Takes effect one year after enactment
Legislative Description
Requires State-chartered financial institutions to increase minimum reserve balances by five times amount of previous year's losses relating to fraud and theft.
Commerce
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee
9/12/2024