Financial Institution Customer Protection Act of 2019

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.

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Timeline

1. 10 December 2019

   Introduced

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

   Source: IntroReferral

2. 10 December 2019

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 10 December 2019 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 10 December 2019

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 10 December 2019

  DownloadOpen at official source

• Introduced in Senate

  summary · EN · 10 December 2019

  Open at official source

Sponsors

• Sen. Cruz, Ted [R-TX] · R · Sponsor
• Sen. Crapo, Mike [R-ID] · R · Sponsor
• Sen. Kennedy, John [R-LA] · R · Sponsor
• Sen. Tillis, Thomas [R-NC] · R · Sponsor
• Rep. Inhofe, James M. [R-OK-1] · R · Sponsor
• Sen. Lee, Mike [R-UT] · R · Sponsor
• Sen. Hyde-Smith, Cindy [R-MS] · R · Sponsor
• Sen. Cornyn, John [R-TX] · R · Sponsor
• Sen. Sasse, Ben [R-NE] · R · Sponsor
• Sen. Braun, Mike [R-IN] · R · Sponsor
• Sen. Cramer, Kevin [R-ND] · R · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Financial Institution Customer Protection Act of 2019
• related to → Financial Institution Customer Protection Act of 2021