To provide requirements for the appropriate Federal banking agencies when requesting or ordering a depository institution to terminate a specific customer account, and for other purposes.
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.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 116-517.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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