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Financial Institution Customer Protection Act of 2021

Introduced: April 13, 2021 Introduced by: Cruz, Ted Republican · Texas See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 13, 2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 13, 2021
Introduced in Senate
 Plain-English summary Congressional Research Service

Financial Institution Customer Protection Act of 2021

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.

What's happening now April 13, 2021

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Republican 4