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Agency bill on financial regulation and cybersecurity reported favorably after amendment
Summary
HB 381, the Office of Financial Regulation agency bill presented by Rep. Barnaby, includes cybersecurity requirements for mortgage and money service businesses, credit union changes, and a strike‑call amendment that removed some cybersecurity investigation duties and fintech sandbox provisions; the committee approved the amended bill.
Representative Barnaby presented HB 381 as the Office of Financial Regulation agency bill, describing a package of changes: cybersecurity mitigation and incident‑response expectations for mortgage and money service businesses, adjustments to credit union membership and fixed asset limits, and revised disciplinary actions and fees. He also presented a strike‑call amendment that removed requirements to perform cybersecurity investigations for certain businesses, removed Financial Technology Sandbox provisions, revised the family office definition, and clarified treatment of debit/credit for deferred presentment transactions.
Barnaby said the amendment did not substantially change the bill's intent. Supportive witnesses from the American Financial Services Association and OFR waived in support. Members asked for clearer minimum technical standards for cybersecurity and protections for smaller community financial businesses; Representative Cassell requested clearer consumer redress and recourse if minimum standards are absent. Barnaby closed and the committee reported HB 381 favorably with a committee substitute.
