Banks and other financial institutions would be required to give fiduciaries the same access to assets maintained in a digital format as those held in traditional brick-and-mortar buildings under a bill Gov. Andrew Cuomo signed into law and announced Sept. 30.
Sponsors said the bill (A9910/S7604) was needed because the proliferation of digital methods of accounting and conducting transactions, plus new federal cybersecurity laws designed to prohibit unauthorized access to those accounts, have sometimes handcuffed fiduciaries who are legally empowered to manage or distribute those assets.
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