Financial Institution Customer Protection Act of 2019
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jan 3, 2019)
Financial Institution Customer Protection Act of 2019
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 happenedJan 3, 2019
Referred to the House Committee on Financial Services.
Who’s behind it
- Introduced in HouseJan 3, 2019
- Jan 3, 2019IntroReferralH11100
Referred to the House Committee on Financial Services.
Financial Services Committee - Jan 3, 2019IntroReferralIntro-H
Introduced in House
- Jan 3, 2019IntroReferral1000
Introduced in House