summary
Introduced
05/22/2019
05/22/2019
In Committee
05/22/2019
05/22/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend title 31, United States Code, to provide a safe harbor for financial institutions that maintain a customer account or customer transaction at the request of a Federal or State law enforcement agency, and for other purposes. This bill limits a financial institution's liability for maintaining a customer account or a customer transaction in compliance with a written request by a federal, state, tribal, or local law enforcement agency. A federal or state agency may not take an adverse supervisory action against a financial institution with respect to maintaining an account or a transaction consistent with such a request.
AI Summary
This bill amends U.S. law to provide a "safe harbor" for financial institutions that maintain a customer account or transaction at the request of a federal, state, tribal, or local law enforcement agency. The bill limits the liability of financial institutions for maintaining such accounts or transactions, and prohibits federal or state agencies from taking adverse supervisory actions against the financial institutions for doing so. However, the bill does not relieve financial institutions from complying with reporting requirements, such as the reporting of suspicious transactions.
Committee Categories
Housing and Urban Affairs
Sponsors (2)
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 05/22/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/1592/all-info |
| BillText | https://www.congress.gov/116/bills/s1592/BILLS-116s1592is.pdf |
| Bill | https://www.congress.gov/116/bills/s1592/BILLS-116s1592is.pdf.pdf |
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