Financial Institution Customer Protection Act of 2019
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Dec 10, 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.
The bill also sets forth additional requirements for the Department of Justice when seeking subpoenas, summoning witnesses, or compelling document production in the course of conducting a civil investigation in contemplation of a civil proceeding involving certain banking laws.
What just happenedDec 10, 2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who’s behind it
- Introduced in SenateDec 10, 2019
- Dec 10, 2019IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Banking, Housing, and Urban Affairs Committee - Dec 10, 2019IntroReferral10000
Introduced in Senate