HB 587 — Pub. Rec./Access to Financial Institution Customer Accounts

F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB587CS/HB587 2024 A bill to be entitled An act relating to public records;

providing a public records exemption for termination-of-access reports filed by financial institutions with the Office of Financial RegulationRegulation, for information contained in such reports, and for personally identifying and personal financial information contained in complaints filed by customers or members and in determinations issued by the office related to such complaints and reports;

Subsection (4)(5) of section 655.49, Florida Statutes, as created by HB 585, 2024 Regular Session, is amended to read:

655.49 Termination-of-accessBad reportsfaith bytermination financialor institutions;restriction of account access;

investigations by the Officeoffice.— of(5)(a) FinancialAll Regulation.—reports, (4)(a)and Allany reportsinformation filedcontained pursuanttherein, toand thispersonally section,identifying andor anypersonal financial information contained therein,in a complaint filed or a determination issued pursuant to this section are confidential and exempt from s.

119.07(1)Page and1of s.4 CODING:

Words strickenare deletions;

words underlined are additions.

hb0587-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB587 2024 119.07(1) and s.

Page(b) 1ofThe 4office CODING:shall provide any report filed pursuant to this section, or information contained therein, to any federal, state, or local law enforcement or prosecutorial agency, and any federal or state agency responsible for the regulation or supervision of financial institutions, if the provision of such report is otherwise required by law.

Words strickenare deletions;

words underlined are additions.

hb0587-00 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB587 2024 (b) The office shall provide any report filed pursuant to this section, or information contained therein, to any federal, state, or local law enforcement or prosecutorial agency, and any federal or state agency responsible for the regulation or supervision of financial institutions, if the provision of such report is otherwise required by law.

(1) The Legislature finds that it is a public necessity that apersonally termination-of-accessidentifying reportor personal financial information contained in a complaint filed withby a customer or member or a determination issued by the Office of Financial Regulation pursuantalleging toa violation of s.

655.49, Florida Statutes, byand a financialtermination-of-access institutionreport thatfiled terminates,with suspends, or takes similar action restricting a customer's or member's account access and any information obtained by the office inpursuant theto report or as the result of the office's investigation and examination duties under s.

655.49, Florida Statutes, by a financial institution that terminates, suspends, or takes similar action restricting a customer's or member's account access, and any information obtained by the office in the report or as the result of the office's investigation and examination duties under s.

The disclosure of such reportPage and2of information4 couldCODING: injure a financial institution in the marketplace by providing its competitors with detailed insight into its business operations, thereby diminishing the advantage that the institution maintains over its competitors that do not possess such information.

Proprietary business information derives actual or potential independent economic value from not being generally known to, and not being readily ascertainable by proper means by, other persons who can derive economic value from its disclosure or use.

The Office of Page 2of 4 CODING:

hb0587-00hb0587-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB587CS/HB587 2024 Financialreport Regulation,and such personally identifying or personal financial information could injure a financial institution in performingthe itsmarketplace dutiesby andproviding responsibilities,its maycompetitors needwith todetailed obtaininsight proprietaryinto its business informationoperations, fromthereby financialdiminishing institutions.the advantage that the institution maintains over its competitors that do not possess such information.

Proprietary business information derives actual or potential independent economic value from not being generally known to, and not being readily ascertainable by proper means by, other persons who can derive economic value from its disclosure or use.

The office, in performing its duties and responsibilities, may need to obtain proprietary business information from financial institutions.

(2) Furthermore, the office may receive sensitive financialpersonally andidentifying or personal financial information of customers or members in thecomplaints filed by a customer or member or in termination-of-access reports filed by financial institutions,institutions theand releasemay ofrestate whichsuch couldinformation defamein orits jeopardizedetermination, the personalrelease andof financialwhich safetycould ofdefame suchor individualsjeopardize andPage their3of family4 members.CODING:

Placing within the public domain the financial and personal identifying information of the customers or members of the financial institutions would increase the security risk for these customers or members, who could become the target of criminal activity.

An exemption from public records requirements is necessary to ensure the office's ability to administer its regulatory duties while preventing unwarranted damage to a financial institution or a customer or member of a financial institution.

Section 3.

This act shall take effect on the same date Page 3of 4 CODING:

hb0587-00hb0587-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HB587CS/HB587 2024 thatthe HBpersonal 585and orfinancial similarsafety legislationof takes effect, if such legislationindividuals is adopted in the same legislative session or an extension thereof and becomestheir afamily law.members.

Placing within the public domain personally identifying or personal financial information of the customers or members of the financial institutions would increase the security risk for these customers or members, who could become the target of criminal activity.

An exemption from public records requirements is necessary to ensure the office's ability to administer its regulatory duties while preventing unwarranted damage to a financial institution or a customer or member of a financial institution.

Section 3.

This act shall take effect on the same date that HB 585 or similar legislation takes effect, if such legislation is adopted in the same legislative session or an extension thereof and becomes a law.

hb0587-00hb0587-01-c1