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Financial Institution Customer Protection Act of 2019

USA116th CongressS-3003| Senate 
| Updated: 12/10/2019
Ted Cruz

Ted Cruz

Republican Senator

Texas

Cosponsors (10)
Mike Braun (Republican)Thomas Tillis (Republican)Cindy Hyde-Smith (Republican)Mike Lee (Republican)James M. Inhofe (Republican)Ben Sasse (Republican)Kevin Cramer (Republican)John Kennedy (Republican)John Cornyn (Republican)Mike Crapo (Republican)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline
Jan 3, 2019

Latest Companion Bill Action

HR 116-189
Introduced in House
Dec 10, 2019
Introduced in Senate
Dec 10, 2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • January 3, 2019

    Latest Companion Bill Action

    HR 116-189
    Introduced in House


  • December 10, 2019
    Introduced in Senate


  • December 10, 2019
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

Related Bills

  • HR 116-189: Financial Institution Customer Protection Act of 2019
Administrative law and regulatory proceduresAsiaBank accounts, deposits, capitalBanking and financial institutions regulationBusiness recordsCongressional oversightConsumer affairsDepartment of the TreasuryEvidence and witnessesFederal Deposit Insurance Corporation (FDIC)Federal Reserve SystemGovernment information and archivesIranJudicial procedure and administrationMiddle EastNational Credit Union AdministrationNorth KoreaSyriaTerrorism

Financial Institution Customer Protection Act of 2019

USA116th CongressS-3003| Senate 
| Updated: 12/10/2019
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jan 3, 2019

Latest Companion Bill Action

HR 116-189
Introduced in House
Dec 10, 2019
Introduced in Senate
Dec 10, 2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • January 3, 2019

    Latest Companion Bill Action

    HR 116-189
    Introduced in House


  • December 10, 2019
    Introduced in Senate


  • December 10, 2019
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Ted Cruz

Ted Cruz

Republican Senator

Texas

Cosponsors (10)
Mike Braun (Republican)Thomas Tillis (Republican)Cindy Hyde-Smith (Republican)Mike Lee (Republican)James M. Inhofe (Republican)Ben Sasse (Republican)Kevin Cramer (Republican)John Kennedy (Republican)John Cornyn (Republican)Mike Crapo (Republican)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

Related Bills

  • HR 116-189: Financial Institution Customer Protection Act of 2019
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Administrative law and regulatory proceduresAsiaBank accounts, deposits, capitalBanking and financial institutions regulationBusiness recordsCongressional oversightConsumer affairsDepartment of the TreasuryEvidence and witnessesFederal Deposit Insurance Corporation (FDIC)Federal Reserve SystemGovernment information and archivesIranJudicial procedure and administrationMiddle EastNational Credit Union AdministrationNorth KoreaSyriaTerrorism