Financial Institution Customer Protection Act of 2019
Latest action · Dec 10, 2019 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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.
- IntroducedDec 10, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 10
Members who signed on, in the order they did. Signatures ran from Dec 10, 2019 to Jun 3, 2020; 9 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NE | Ben Sasse | Original | Dec 10, 2019 |
| R-MS | Cindy Hyde-Smith | Original | Dec 10, 2019 |
| R-OK | James M. Inhofe | Original | Dec 10, 2019 |
| R-TX | John Cornyn | Original | Dec 10, 2019 |
| R-LA | John Kennedy | Original | Dec 10, 2019 |
| R-IN | Mike Braun | Original | Dec 10, 2019 |
| R-ID | Mike Crapo | Original | Dec 10, 2019 |
| R-UT | Mike Lee | Original | Dec 10, 2019 |
| R-NC | Thom Tillis | Original | Dec 10, 2019 |
| R-ND | Kevin Cramer | Jun 3, 2020 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Dec 10, 2019 |
Actions 2
Everything that happened, newest first.
- Dec 10, 2019Introduced in Senate
- Dec 10, 2019Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 189 | Financial Institution Customer Protection Act of 2019 | Related bill | Jan 3, 2019 |
| S 1088 | Financial Institution Customer Protection Act of 2021 | Reintroduced Bill | Apr 13, 2021 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to provide requirements for the appropriate Federal banking agencies when requesting or ordering a depository institution to terminate a specific customer account, to provide for additional requirements related to subpoenas issued under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and for other purposes.
- Short Title(s) as Introduced
- Financial Institution Customer Protection Act of 2019
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Asia
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Business records
- Congressional oversight
- Consumer affairs
- Department of the Treasury
- Evidence and witnesses
- Federal Deposit Insurance Corporation (FDIC)
- Federal Reserve System
- Finance and Financial Sector
- Government information and archives
- Iran
- Judicial procedure and administration
- Middle East
- National Credit Union Administration
- North Korea
- Syria
- Terrorism
Text 1
Each version as it was printed, newest first.
- Dec 10, 2019Introduced in Senate
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
