S. 3003

Referred to Committee

Financial Institution Customer Protection Act of 2019

Introduced 12/10/2019•116th Congress•Senate

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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

12/10/2019 • Senate

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.

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.

Introduced in Senate • 12/10/2019

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Topics & Subjects

Policy Area: Finance and Financial Sector

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