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Bill115th CongressFiled May 25, 2017Finance and Financial Sector
H.R. 2706

Financial Institution Customer Protection Act of 2017

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house amended (Dec 11, 2017)

Financial Institution Customer Protection Act of 2017

(Sec. 2) This bill specifies that a federal banking agency may not request or order a depository institution to terminate a customer account unless: (1) the agency has a valid reason for doing so, and (2) that reason is not based solely on reputation risk.

Valid reasons for terminating an account include threats to national security and involvement in terrorist financing, including state sponsorship of terrorism.

A federal banking agency requesting a termination must provide the depository institution with notification and justification.

What just happenedDec 12, 2017

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Luetkemeyer, Blaine [R-MO-3](R-MO)Sponsor
19 cosponsors19 R
Read on Congress.gov
19cosponsors2committees18actions5related bills19subjects
  1. Dec 12, 2017IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. Dec 11, 2017FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Dec 11, 2017FloorH37300

    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 395 - 2 (Roll no. 672). (text: CR H9770-9771)

  4. Dec 11, 2017Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 395 - 2 (Roll no. 672).(text: CR H9770-9771)

  5. Dec 11, 2017FloorH30000

    Considered as unfinished business. (consideration: CR H9777-9778)

  6. Dec 11, 2017FloorH37220

    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

  7. Dec 11, 2017FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 2706.

  8. Dec 11, 2017FloorH30000

    Considered under suspension of the rules. (consideration: CR H9770-9773)

  9. Dec 11, 2017FloorH30300

    Mr. Luetkemeyer moved to suspend the rules and pass the bill, as amended.

  10. Nov 16, 2017CalendarsH12410

    Placed on the Union Calendar, Calendar No. 306.

  11. Nov 16, 2017CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-414.

    Financial Services Committee
  12. Nov 16, 2017Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-414.

    Financial Services Committee
  13. Oct 12, 2017Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 59 - 1.

    Financial Services Committee
  14. Oct 12, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  15. Oct 11, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  16. May 25, 2017IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  17. May 25, 2017IntroReferralIntro-H

    Introduced in House

  18. May 25, 2017IntroReferral1000

    Introduced in House

Passed House amendedDec 11, 201736

Financial Institution Customer Protection Act of 2017

(Sec. 2) This bill specifies that a federal banking agency may not request or order a depository institution to terminate a customer account unless: (1) the agency has a valid reason for doing so, and (2) that reason is not based solely on reputation risk.

Valid reasons for terminating an account include threats to national security and involvement in terrorist financing, including state sponsorship of terrorism.

A federal banking agency requesting a termination must provide the depository institution with notification and justification.

Reported to House with amendment(s)Nov 16, 201717

Financial Institution Customer Protection Act of 2017

(Sec. 2) This bill specifies that a federal banking agency may not request or order a depository institution to terminate a customer account unless: (1) the agency has a valid reason for doing so, and (2) that reason is not based solely on reputation risk.

Valid reasons for terminating an account include threats to national security and involvement in terrorist financing, including state sponsorship of terrorism.

A federal banking agency requesting a termination must provide the depository institution with notification and justification.

Introduced in HouseMay 25, 2017

Financial Institution Customer Protection Act of 2017

This bill specifies that a federal banking agency may not request or order a depository institution to terminate a customer account unless: (1) the agency has a material reason for doing so, and (2) that reason is not based solely on reputation risk.

In addition, the bill amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to: (1) apply civil penalties to specified violations by a financial institution against an unaffiliated third person, and (2) modify provisions related to administrative subpoenas.

Financial Institution Customer Protection Act of 2017 — Informed