HR 4986 · 113th Congress 2013–2015, ended

End Operation Choke Point Act of 2014

Fact sheet

Latest action · Jul 15, 2014 Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedJun 26, 2014
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

End Operation Choke Point Act of 2014 - Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to prohibit the federal banking agencies from prohibiting, restricting, or discouraging an insured depository institution or insured credit union from providing any product or service to an entity that demonstrates that it is: (1) licensed and authorized to offer such product or service, (2) registered as a money transmitting business under federal law or regulations, or (3) has a reasoned legal opinion that demonstrates the legality of the entity's business under applicable law.

Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) to repeal the Attorney General's subpoena authority to summon witnesses and require the production of books, papers, correspondence, memoranda, or other records relevant or material to an inquiry. Authorizes the Attorney General instead to request a court order from a court of competent jurisdiction to summon witnesses and require the production of relevant or material records.

Permits issuance of such a court order, however, only if the Attorney General offers specific and articulable facts showing that there are reasonable grounds to believe that the information or testimony sought is relevant and material to an ongoing civil proceeding.

Repeals the declaration that, in the case of a subpoena for which the return date is less than five days after the date of service, no person shall be found in contempt for failure to comply by the return date if he or she files a petition within those five days.

Amends the USA PATRIOT Act, regarding cooperative efforts among financial institutions, regulatory authorities and law enforcement authorities to deter money laundering, to authorize regulations for procedures for information sharing that focuses upon facilitating the identification of accounts and transactions that involve committing financial fraud.

Prohibits the use of information received by a financial institution: (1) for any purpose other than identifying and reporting activities that may involve financial fraud (or terrorist acts or money laundering, as under current law); and (2) to require financial institutions to determine or assure compliance of any entity with federal, state, or other licensing requirements.

Revises the non-liability of financial institutions for making certain voluntary disclosures to a government agency to extend such protection to any underlying activity that is the subject of a disclosure.

Makes it the duty of the Director of the Financial Crimes Enforcement Network (FinCEN) to analyze and disseminate available data to generate feedback and report on the utility of a certain data access service and the information collected by it to improve cooperation among data providers and users while reducing regulatory burden and preserving payment system efficiency.

Directs the Secretary of the Treasury to establish operating procedures for the government-wide data access service and FinCEN's financial crimes communications center which provide for: (1) appropriate metrics to monitor, track, assess, and report on access to information contained in the FinCEN data maintenance system for identifying, tracking, and measuring how such information is used and the consequent law enforcement results; and (2) assured accountability by law enforcement agencies for the utility, security, and privacy of such information while reducing unnecessary regulatory burdens.

Cosponsors 14

Members who signed on, in the order they did. Signatures ran from Jul 10, 2014 to Sep 15, 2014.

SeatCosponsorSigned on
D-FLAlcee L. HastingsJul 10, 2014
R-OHSteve StiversJul 10, 2014
R-ALSpencer BachusJul 11, 2014
D-CATony CárdenasJul 11, 2014
R-FLBill PoseyJul 15, 2014
D-FLJoe GarciaJul 15, 2014
R-SCMick MulvaneyJul 15, 2014
R-TXPete SessionsJul 15, 2014
R-KSKevin YoderJul 17, 2014
R-KYAndy BarrJul 24, 2014
R-ILRandy HultgrenJul 24, 2014
R-NMStevan PearceJul 24, 2014
R-FLDennis A. RossSep 9, 2014
R-FLDavid W. JollySep 15, 2014

Actions 3

Everything that happened, newest first.

  1. Jul 15, 2014Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
  2. Jun 26, 2014Introduced in House
  3. Jun 26, 2014Referred to the House Committee on Financial Services.

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

  1. Jun 26, 2014Introduced in House

Support LegiList

This page is free, carries no paywall, and is built and maintained by one person. If the record here is useful to you, a few dollars keeps it going.

Processed by Stripe in a separate window. LegiList never sees card details.

Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.