Bill > S3572

Introduced Session

This bill requires State-chartered financial institutions to maintain, in addition to any amount of reserve or minimum capital already required of the institution by law or regulation, a reserve balance in an amount of at least five times the total value of the thefts, cyber thefts, fraud, and robberies reported to the institution in the previous year plus any related damages. In addition, the bill requires financial institutions to conduct an audit of the losses sustained by the institution over the previous year and to report the findings of the audit to the Commissioner of Banking and Insurance. The purpose of the audit and report is to verify that each financial institution has enough reserve balance to return customers' lost or stolen money while the institution investigates and recovers the lost or stolen money.

Committee Categories

Joe Cryan (D)*, 

Introduced in the Senate, Referred to Senate Commerce Committee (on 09/12/2024)

Official Document