Banks and Financial Institutions - As introduced, prohibits a bank from digitizing or otherwise converting money held by the bank on behalf of a consumer into a digital currency, digital medium of exchange, or digital monetary unit of account, including cryptocurrency, without express, written authorization from the consumer for whom the money is held. - Amends TCA Title 45.

Summary

The bill bars state banks, savings and loan associations, and credit unions from turning a customer’s deposited money into any digital currency, including cryptocurrency, unless the customer provides express written permission. It also gives the commissioner of financial institutions power to enforce the rule with penalties and lets consumers sue for damages. The measure aims to protect consumers from unauthorized digital conversions of their funds.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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