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HB 7265

AN ACT RELATING TO FINANCIAL INSTITUTIONS -- THE RHODE ISLAND SPECIAL DEPOSITS ACT

2026 Regular Session Introduced by Matthew Dawson and 2 co-sponsors

Rhode Island creates regulatory framework for special deposit accounts at financial institutions with consumer protections and state oversight requirements.

06/19/2026 Signed by Governor
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WeVote Research Nonpartisan
Bill Summary · HB 7265

Legislative bill overview

HB 7265 establishes the Rhode Island Special Deposits Act, creating a regulatory framework for special deposit accounts at financial institutions in the state. The bill defines what constitutes special deposits, sets requirements for their handling, and establishes oversight mechanisms through the state's financial regulatory authority.

Why is this important

Special deposits are a distinct financial product that may offer different protections or terms than standard deposits. Clear statutory definition and regulation protect consumers by ensuring transparency and establishing standards for how financial institutions must manage these accounts, while also providing legal certainty for banks offering these products.

Potential points of contention

  • Consumer protection vs. financial industry burden: Regulatory requirements may increase compliance costs for smaller financial institutions, potentially limiting product availability or increasing fees for consumers
  • Federal-state coordination: Unclear how state-level special deposit rules interact with existing federal deposit insurance (FDIC) frameworks and whether dual oversight creates conflicts
  • Definition and scope disputes: Stakeholders may disagree on what deposits qualify as "special" and whether certain products (sweep accounts, money market accounts) fall under this act's jurisdiction

Compiled from official sources — confirm details with the bill’s official record.

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