SEC. 10. REQUIREMENTS FOR DEPOSIT ACCOUNT TERMI-
NATION REQUESTS AND ORDERS. 
(a) CONDITIONS FOR TERMINATION.— 
(1) IN
GENERAL.—An appropriate Federal 
banking agency may not formally or informally re-
quest or order a depository institution to terminate 
a specific customer account or group of customer ac-
counts (including, but not limited to, any account of 
any customer that is a State-sanctioned marijuana 
business or service provider) or to otherwise restrict 
or discourage a depository institution from entering 
into or maintaining a banking relationship with a 
specific customer or group of customers (including, 
but not limited to, with any customer that is a 
State-sanctioned marijuana business or service pro-
vider), unless— 
(A) the agency has made a written deter-
mination that the depository institution is— 
(i) engaging in an unsafe or unsound 
practice; or 
(ii) violating a rule, law, regulation, or 
order with respect to the relationship of 
the depository institution with the cus-
tomer (or, in the case of a group of cus-
tomers, specific customers within the 
group); and 
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(B) such reason is not based primarily on 
reputational risk. 
(2) 
TREATMENT
OF
NATIONAL
SECURITY 
THREATS.—If an appropriate Federal banking agen-
cy believes a specific customer or group of customers 
is, or is acting as a conduit for, an entity that— 
(A) poses a threat to national security; 
(B) is involved in terrorist financing; 
(C) is an agency of the Government of 
Iran, North Korea, Syria, or any country listed 
from time to time on the State Sponsors of 
Terrorism list; 
(D) is located in, or is subject to the juris-
diction of, any country specified in subpara-
graph (C); or 
(E) does business with any entity described 
in subparagraph (C) or (D), unless the appro-
priate Federal banking agency determines that 
the customer or group of customers has used 
due diligence to avoid doing business with any 
entity described in subparagraph (C) or (D), 
such belief shall satisfy the requirement under para-
graph (1). 
(b) NOTICE REQUIREMENT.— 
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(1) IN GENERAL.—If an appropriate Federal 
banking agency formally or informally requests or 
orders a depository institution to terminate a spe-
cific customer account or a group of customer ac-
counts, the agency shall— 
(A) provide such request or order to the 
institution in writing; and 
(B) accompany such request or order with 
a written justification for why such termination 
is needed, including any specific laws or regula-
tions the agency believes are being violated by 
the customer or group of customers, if any. 
(2) JUSTIFICATION
REQUIREMENT.—A jus-
tification described under paragraph (1)(B) may not 
be based solely on the reputational risk to the depos-
itory institution. 
(c) CUSTOMER NOTICE.— 
(1) NOTICE
REQUIRED.—Except as provided 
under paragraph (2) or as otherwise prohibited from 
being disclosed by law, if an appropriate Federal 
banking agency orders a depository institution to 
terminate a specific customer account or a group of 
customer accounts, the depository institution shall 
inform the specific customer or group of customers 
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of the justification for the customer’s account termi-
nation described under subsection (b). 
(2) NOTICE PROHIBITED.— 
(A) NOTICE PROHIBITED IN CASES OF NA-
TIONAL SECURITY.—If an appropriate Federal 
banking agency requests or orders a depository 
institution to terminate a specific customer ac-
count or a group of customer accounts based on 
a belief that the customer or customers pose a 
threat to national security, or are otherwise de-
scribed under subsection (a)(2), neither the de-
pository institution nor the appropriate Federal 
banking agency may inform the customer or 
customers of the justification for the customer’s 
account termination. 
(B) 
NOTICE
PROHIBITED
IN
OTHER 
CASES.—If an appropriate Federal banking 
agency determines that the notice required 
under paragraph (1) may interfere with an au-
thorized criminal investigation, neither the de-
pository institution nor the appropriate Federal 
banking agency may inform the specific cus-
tomer or group of customers of the justification 
for the customer’s account termination. 
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(d) REPORTING REQUIREMENT.—Each appropriate 
Federal banking agency shall submit to the Committee on 
Banking, Housing, and Urban Affairs of the Senate and 
the Committee on Financial Services of the House of Rep-
resentatives an annual report stating— 
(1) the aggregate number of specific customer 
accounts that the agency requested that a depository 
institution terminate, or ordered a depository insti-
tution to terminate, during the previous year; and 
(2) the legal authority on which the agency re-
lied in making each request and order under para-
graph (1) and the frequency on which the agency re-
lied on each such authority. 
(e) DEFINITIONS.—In this section: 
(1) APPROPRIATE
FEDERAL
BANKING
AGEN-
CY.—The term ‘‘appropriate Federal banking agen-
cy’’ means— 
(A) the appropriate Federal banking agen-
cy, as defined under section 3 of the Federal 
Deposit Insurance Act (12 U.S.C. 1813); and 
(B) the National Credit Union Administra-
tion, in the case of an insured credit union. 
(2) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ means— 
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(A) a depository institution, as defined 
under section 3 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813); and 
(B) an insured credit union. 
SEC. 11. ANNUAL DIVERSITY AND INCLUSION REPORT. 
The Federal banking regulators shall submit to Con-
gress an annual report containing— 
(1) information and data on the availability of 
access to financial services for minority-owned, vet-
eran-owned, women-owned, and small State-sanc-
tioned marijuana businesses; and 
(2) any regulatory or legislative recommenda-
tions for expanding access to financial services for 
minority-owned, veteran-owned, women-owned, and 
small State-sanctioned marijuana businesses and 
hemp-related legitimate businesses. 
SEC. 12. GAO STUDY ON DIVERSITY AND INCLUSION. 
(a) STUDY.—The Comptroller General of the United 
States shall conduct a study on the barriers to market-
place entry, including in the licensing process, and the ac-
cess to financial services for potential and existing minor-
ity-owned, veteran-owned, women-owned, and small State- 
sanctioned marijuana businesses and hemp-related legiti-
mate businesses. 
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