S. 245
Referred to CommitteeFinancial Institution Customer Protection Act of 2023
Latest Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2/2/2023 • Senate
Summary
Financial Institution Customer Protection Act of 2023
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 • 2/2/2023
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Bill Journey
Originated in the Senate
Introduced
February 2, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law