A Florida House Republican this week filed a proposal that would create a public records exemption for information included in applications to start banks and trust companies in Florida.
Rep. Webster Barnaby, R-Deltona, filed the proposal (HB 85) for consideration during the 2024 legislative session, which will start in January.
The bill deals with information filed with the Florida Office of Financial Regulation to receive approval for new banks and trust companies. In part, it would allow shielding “personal identifying information” about shareholders and proposed company officers and information about business plans.
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“The release of information that could lead to the identification of an individual involved in the potential organization or establishment of a new state bank or new state trust company may subject such individual to retribution and jeopardize his or her current employment with, or participation in the affairs of, another financial institution,” the bill said. “Thus, the public availability of such information has a chilling effect on the organization and establishment of new state banks and new state trust companies.”
Also, the bill said the “public availability of a proposed state bank’s or proposed state trust company’s business plan and supporting documentation may cause competitive harm to such bank’s or trust company’s future business operations and present an unfair competitive advantage for existing financial institutions that are not required to release such information.”
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