Bill
Bill > HR5783
summary
Introduced
05/11/2018
05/11/2018
In Committee
06/07/2018
06/07/2018
Crossed Over
06/26/2018
06/26/2018
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Cooperate with Law Enforcement Agencies and Watch Act of 2018 (Sec. 2) This bill limits a financial institution's liability for maintaining a customer account 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 consistent with such a request.
AI Summary
This bill, known as the Cooperate with Law Enforcement Agencies and Watch Act of 2018, provides a safe harbor for financial institutions that maintain a customer account at the request of a federal, state, tribal, or local law enforcement agency. Under this law, financial institutions cannot be held liable for maintaining such an account, and federal or state agencies cannot take adverse supervisory action against them for doing so. The bill also allows federal and state authorities to verify the validity of the written request from the law enforcement agency, but does not relieve the financial institution from complying with reporting requirements, such as the reporting of suspicious transactions.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (4)
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 06/26/2018)
Official Document
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