Bill > S3003

This bill, the Financial Institution Customer Protection Act of 2019, sets requirements for federal banking agencies when requesting or ordering a depository institution (such as a bank or credit union) to terminate a specific customer account. The bill states that the agency must have a material reason for the request, and that reason cannot be solely based on reputation risk to the institution. Exceptions are made if the agency believes the customer poses a threat to national security or is involved in certain activities like terrorist financing or doing business with sanctioned countries. The bill also requires the agency to provide a written justification for the account termination, with some exceptions for national security cases. Additionally, the bill amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to impose additional requirements related to subpoenas issued by the Attorney General during investigations.

Housing and Urban Affairs

https://www.congress.gov/bill/116th-congress/senate-bill/3003/all-info