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S 245 118th Congress Senate Finance and Financial Sector

Financial Institution Customer Protection Act of 2023

Introduced: February 2, 2023 Introduced by: Cruz, Ted Republican · Texas See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 2, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Feb 2, 2023
Introduced in Senate
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 Plain-English summary Congressional Research Service

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.

What's happening now February 2, 2023

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

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Republican 2
R
Cornyn, John
Texas · Feb 2, 2023
 R
Crapo, Mike
Idaho · Feb 2, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). S. 245: Financial Institution Customer Protection Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-S-245/
MLA
"S. 245: Financial Institution Customer Protection Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-245/.
Bluebook (legal)
S. 245, 118th Cong. (2026), https://openamerica.io/bill/118-S-245/.
Markdown link
[S. 245: Financial Institution Customer Protection Act of 2023](https://openamerica.io/bill/118-S-245/)
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