H.R.2706 - Financial Institution Customer Protection Act of 2017115th Congress (2017-2018)
|Sponsor:||Rep. Luetkemeyer, Blaine [R-MO-3] (Introduced 05/25/2017)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Committee Reports:||H. Rept. 115-414|
|Latest Action:||Senate - 12/12/2017 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
|Roll Call Votes:||There has been 1 roll call vote|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.2706 — 115th Congress (2017-2018)All Information (Except Text)
Passed House amended (12/11/2017)
Financial Institution Customer Protection Act of 2017
(Sec. 2) 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.