Bill Sponsor
Senate Bill 3003
116th Congress(2019-2020)
Financial Institution Customer Protection Act of 2019
Introduced
Introduced
Introduced in Senate on Dec 10, 2019
Overview
Text
Sponsor
Introduced
Dec 10, 2019
Latest Action
Dec 10, 2019
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3003
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Republican
Texas
Republican
Indiana
Republican
Louisiana
Republican
Mississippi
Republican
Nebraska
Republican
North Carolina
Republican
North Dakota
Republican
Oklahoma
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
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.

Text (1)
December 10, 2019
Actions (2)
12/10/2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
12/10/2019
Introduced in Senate
Public Record
Record Updated
Oct 28, 2022 1:46:00 AM