3.0.0 3003 2022-10-28T01:46:00Z 2022-10-28T01:46:00Z Senate S 2019-12-10 116 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2019-12-10T16:58:37Z Financial Institution Customer Protection Act of 2019 116 189 HR 2019-01-03 Referred to the House Committee on Financial Services. Related bill CRS 2019-12-10 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2019-12-10 Introduced in Senate IntroReferral 10000 9 Library of Congress C001098 Sen. Cruz, Ted [R-TX] Ted Cruz R TX N C000880 Sen. Crapo, Mike [R-ID] Mike Crapo R ID 2019-12-10 True K000393 Sen. Kennedy, John [R-LA] John Kennedy R LA Neely 2019-12-10 True T000476 Sen. Tillis, Thomas [R-NC] Thomas Tillis R NC Roland 2019-12-10 True I000024 Sen. Inhofe, James M. [R-OK] Jim Inhofe R OK 2019-12-10 True L000577 Sen. Lee, Mike [R-UT] Mike Lee R UT 2019-12-10 True H001079 Sen. Hyde-Smith, Cindy [R-MS] Cindy Hyde-Smith R MS 2019-12-10 True C001056 Sen. Cornyn, John [R-TX] John Cornyn R TX 2019-12-10 True S001197 Sen. Sasse, Ben [R-NE] Ben Sasse R NE 2019-12-10 True B001310 Sen. Braun, Mike [R-IN] Mike Braun R IN 2019-12-10 True C001096 Sen. Cramer, Kevin [R-ND] Kevin Cramer R ND 2020-06-03 False Finance and Financial Sector Administrative law and regulatory procedures Asia Bank accounts, deposits, capital Banking and financial institutions regulation Business records Congressional oversight Consumer affairs Department of the Treasury Evidence and witnesses Federal Deposit Insurance Corporation (FDIC) Federal Reserve System Government information and archives Iran Judicial procedure and administration Middle East National Credit Union Administration North Korea Syria Terrorism Finance and Financial Sector 00 2019-12-10 Introduced in Senate 2021-02-02T15:09:45Z 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.

]]> Financial Institution Customer Protection Act of 2019 Display Title Financial Institution Customer Protection Act of 2019 Short Title(s) as Introduced Financial Institution Customer Protection Act of 2019 Introduced in Senate IS Official Title as Introduced A bill to provide requirements for the appropriate Federal banking agencies when requesting or ordering a depository institution to terminate a specific customer account, to provide for additional requirements related to subpoenas issued under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and for other purposes. Introduced in Senate IS Introduced in Senate 2019-12-10T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s3003is/xml/BILLS-116s3003is.xml 2019-12-10 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.