H.R.189 - Financial Institution Customer Protection Act of 2019116th Congress (2019-2020)
|Sponsor:||Rep. Luetkemeyer, Blaine [R-MO-3] (Introduced 01/03/2019)|
|Committees:||House - Financial Services|
|Latest Action:||House - 01/03/2019 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
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Summary: H.R.189 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (01/03/2019)
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.