summary
Introduced
06/11/2018
06/11/2018
In Committee
08/15/2018
08/15/2018
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Cooperate with Law Enforcement Agencies and Watch Act of 2018 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 establishes a safe harbor for financial institutions that maintain a customer account at the written request of a federal, state, tribal, or local law enforcement agency. The bill states that the financial institution shall not be liable for maintaining the account consistent with the request, and no federal or state agency can take adverse supervisory action against the financial institution for doing so. The bill also clarifies that the provision does not prevent the verification of the request's validity or relieve the financial institution from reporting requirements, such as reporting suspicious transactions.
Committee Categories
Housing and Urban Affairs
Sponsors (4)
Last Action
S.Amdt.3696 Referred to the Committee on Banking, Housing, and Urban Affairs. (on 08/15/2018)
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/115th-congress/senate-bill/3045/all-info |
| BillText | https://www.congress.gov/115/bills/s3045/BILLS-115s3045is.pdf |
| Bill | https://www.congress.gov/115/bills/s3045/BILLS-115s3045is.pdf.pdf |
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