Office of Financial Regulation

Added Section 14 (now Section 1 in the new version) requiring the Department of Children and Families to cooperate with the Office of Financial Regulation on investigating financial exploitation of specified adults.

Added Section 12 (now Section 15 in the new version) creating new requirements for financial institutions to notify credit reporting agencies when breaches affect more than 1,000 individuals.

Modified Section 10 (now Section 13 in the new version) to prohibit redemption of checks via credit card transactions while allowing cash or debit card redemption.

Modified Section 14 (now Section 17 in the new version) to add new rules regarding the examination of suspected financial exploitation reports by the Office of Financial Regulation.

Removed the original Section 14 regarding bank director qualifications and renumbered subsequent sections to accommodate the new content.

Added new requirements for financial institutions to take measures to protect and secure data containing personal information and to provide breach notices to specific agencies.

Amended credit union rules to allow meetings to be held virtually without an in-person quorum and to remove limitations on investments in real estate and equipment.

Updated the definition of 'family office' to align with federal Securities and Exchange Commission rules and added a new definition for 'place of business' for investment advisers.

Revised the experience requirements for bank directors and officers, changing the timeline for required direct experience from 10 years to 5 years in certain contexts.

Adjusted the deadline for mailing payment of examination costs from 45 days to 30 days for both financial institutions and family trust companies.

Corrected various cross-references to statutes and renumbered sections to reflect the addition of new content.