To provide requirements for the appropriate Federal banking agencies when requesting or ordering a depository institution to terminate a specific customer account, to provide for additional requirements related to subpoenas issued under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and for other purposes.
About This Bill
Committee
Latest Action · February 2, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Financial Institution Customer Protection Act of 2023
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.
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