Financial Institution Customer Protection Act of 2017

Bill: 115-hr-2706
Sponsor: Rep. Luetkemeyer, Blaine [R-MO-3]
Introduced: 2017-05-25 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Asia
Bank accounts, deposits, capital
Banking and financial institutions regulation
Business records
Congressional oversight
Consumer affairs
Department of the Treasury
Evidence and witnesses
Federal Deposit Insurance Corporation (FDIC)
Federal Reserve System
Government information and archives
Iran
Judicial procedure and administration
Middle East
National Credit Union Administration
North Korea
Syria
Terrorism

Summary:
action_date: 2017-05-25
text: 

Financial Institution Customer Protection Act of 2017

 
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 material reason for doing so, and (2) that reason is not based solely on reputation risk.
 
In addition, the bill amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to: (1) apply civil penalties to specified violations by a financial institution against an unaffiliated third person, and (2) modify provisions related to administrative subpoenas.

action_date: 2017-11-16
text: 

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. 

action_date: 2017-12-11
text: 

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. 


Legislative actions:
action_date: 2017-12-12
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2017-12-11
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2017-12-11
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 395 - 2 (Roll no. 672). (text: CR H9770-9771)
action_date: 2017-12-11
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 395 - 2 (Roll no. 672).(text: CR H9770-9771)
action_date: 2017-12-11
text: Considered as unfinished business. (consideration: CR H9777-9778)
action_date: 2017-12-11
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2017-12-11
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 2706.
action_date: 2017-12-11
text: Considered under suspension of the rules. (consideration: CR H9770-9773)
action_date: 2017-12-11
text: Mr. Luetkemeyer moved to suspend the rules and pass the bill, as amended.
action_date: 2017-11-16
text: Placed on the Union Calendar, Calendar No. 306.
action_date: 2017-11-16
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-414.
action_date: 2017-11-16
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-414.
action_date: 2017-10-12
text: Ordered to be Reported (Amended) by the Yeas and Nays: 59 - 1.
action_date: 2017-10-12
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-10-11
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-05-25
text: Referred to the House Committee on Financial Services.
action_date: 2017-05-25
text: Introduced in House
action_date: 2017-05-25
text: Introduced in House