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Senate Bill Report — HB 1899, Confidentiality of Certain Data Shared with Financial Institutions Department

Summary

A Senate Bill Report on HB 1899, as of February 15, 2022, concerning confidentiality of certain data shared with the department of financial institutions, with Representatives Kirby, Vick, Graham and Young listed as sponsors by request of Department of Financial Institutions. The bill expands the allowed Public Records Act exemptions for insurance and financial institutions to include confidential information that the department has obtained from agencies in other states, the federal government, or regulatory associations. The department is permitted to enter into information sharing agreements with these entities, and the confidential records are not exempt when included as part of records used to represent an agency action. The report states that the fiscal note was not requested.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Issuer
Congressional materials
Document type
Report
Date
2022-02-17
Case
2022 02 17 A29814 D242765 Bill Report 1899 Sba Bfst 22

Cite this document

“Senate Bill Report — HB 1899, Confidentiality of Certain Data Shared with Financial Institutions Department.” Original at app.leg.wa.gov, dated 2022-02-17. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-02-17-2022-02-17-a29814-d242765-bill-report-1899-sba-bfst-22/, SHA-256 5d298cfaeef2496f48f3a18e8ec37002d2ad745b7127280f0526f15f45cfebd7.

Full text

                            SENATE BILL REPORT
                                  HB 1899

                                     As of February 15, 2022

Title: An act relating to confidentiality of certain data shared with the department of financial
     institutions.

Brief Description: Concerning confidentiality of certain data shared with the department of
     financial institutions.

Sponsors: Representatives Kirby, Vick, Graham and Young; by request of Department of
    Financial Institutions.

Brief History: Passed House: 2/10/22, 93-1.
     Committee Activity: Business, Financial Services & Trade: 2/17/22.


                                     Brief Summary of Bill
           • Expands the allowable exemptions for insurance and financial
             institutions to the Public Records Act to include confidential information
             that the Department of Financial Institutions has obtained from agencies
             in other states, the federal government, or regulatory associations
             comprised of regulatory agencies.


SENATE COMMITTEE ON BUSINESS, FINANCIAL SERVICES & TRADE

     Staff: Clinton McCarthy (786-7319)

     Background: The Public Records Act (PRA) requires state and local agencies to disclose
     written records to the public for inspection and copying upon request, unless the
     information belongs to a category which is exempt from disclosure under the PRA or
     another provision of state law. Certain information relating to insurance and financial
     institutions is exempt from disclosure. These exemptions include examination reports and
     information obtained by the Department of Financial Institutions (DFI) from banks, savings
     banks, savings and loan associations, credit unions, check cashers and sellers, and securities



     This analysis was prepared by non-partisan legislative staff for the use of legislative
     members in their deliberations. This analysis is not part of the legislation nor does it
     constitute a statement of legislative intent.

Senate Bill Report                              -1-                                         HB 1899
     brokers and investment advisers under certain statutory provisions. The stated policy of the
     PRA favors disclosure and requires narrow application of the listed exemptions.

     Summary of Bill: The allowed exemptions to the PRA pertaining to insurance and
     financial institutions are expanded to include confidential information that DFI has
     obtained from agencies in other states, the federal government, or regulatory associations
     comprised of regulatory agencies. DFI is permitted to enter into information sharing
     agreements with these entities to ensure confidentiality. The confidential records are not
     exempt from the PRA when included as part of records used by DFI to represent an agency
     action.

     Appropriation: None.

     Fiscal Note: Not requested.

     Creates Committee/Commission/Task Force that includes Legislative members: No.

     Effective Date: Ninety days after adjournment of session in which bill is passed.




Senate Bill Report                            -2-                                        HB 1899

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2022-02-17_a29814_d242765_bill-report-1899-sba-bfst-22.pdf
Original
app.leg.wa.gov
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