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Senate Bill Report on HB 1899 — Confidentiality of Data Shared With Department of Financial Institutions

Summary

Senate Bill Report on HB 1899, as of February 17, 2022, for the Senate Committee on Business, Financial Services & Trade, with committee activity listed on 2/17/22. HB 1899 is titled an act relating to confidentiality of certain data shared with the department of financial institutions, and the report says it passed the House 2/10/22, 93-1. The bill expands the allowable Public Records Act exemptions for insurance and financial institutions to include confidential information that the Department of Financial Institutions (DFI) has obtained from agencies in other states, the federal government, or regulatory associations. Drew Bouton of DFI testified under PRO; Rowland Thompson of Allied Daily Newspapers and WSABroadcasters testified under OTHER.

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
2022-02-22
Case
2022 02 22 A29904 D243823 Bill Report 1899 Sbr Bfst Ta 22

Cite this document

“Senate Bill Report on HB 1899 — Confidentiality of Data Shared With Department of Financial Institutions.” Original at app.leg.wa.gov, dated 2022-02-22. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-02-22-2022-02-22-a29904-d243823-bill-report-1899-sbr-bfst-ta-22/, SHA-256 212338cc07c60a185ce15362d68a2f811919d901e3ca233b978f1a0b8c5122f9.

Full text

                            SENATE BILL REPORT
                                  HB 1899

                                     As of February 17, 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.

     Staff Summary of Public Testimony: PRO: DFI is increasing the frequency of working
     with other regulatory agencies. Without this bill, DFI won't be able to participate with other
     regulatory agencies due to a lack of protections on confidential information. This would put
     Washington residents at risk.

     OTHER: This bill would not impact any records that DFI creates.

     Persons Testifying: PRO: Drew Bouton, Department of Financial Institutions.

     OTHER: Rowland Thompson, Allied Daily Newspapers and WSABroadcasters.

     Persons Signed In To Testify But Not Testifying: No one.




Senate Bill Report                             -2-                                        HB 1899

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2022-02-22_a29904_d243823_bill-report-1899-sbr-bfst-ta-22.pdf
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SHA-256
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Our copy
2022-02-22_a29904_d243823_bill-report-1899-sbr-bfst-ta-22.pdf
Original
app.leg.wa.gov
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