H.R. 189
Referred to CommitteeFinancial Institution Customer Protection Act of 2019
Latest Action
Referred to the House Committee on Financial Services.
1/3/2019 • House
Summary
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.
Introduced in House • 1/3/2019
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Bill Journey
Originated in the House
Introduced
January 3, 2019
Referred to the House Committee on Financial Services.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law