,i #aacth ,,congress #b;d ,session ,h4 ,r4 #dihf ,,in ,,the ,,house ,,of ,,representatives ,june #bf1 #bjad ,mr4 ,luetkemeyer introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to amend certain banking statutes in response to ,operation ,choke ,point4 #a4 ,short title ,this ,act may be cited as the ,end ,operation ,choke ,point ,act of #bjad4 #b4 ,business access to insured depository institutions 7a7 ,in general ,the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is amended by adding at the end the following new section3 #ea4 ,business access to insured depository institutions 7a7 ,in general ,the ,federal banking agencies may not prohibit or otherwise restrict or discourage an insured depository institution from providing any product or service to an entity that demonstrates to the insured depository institution that such entity-- 7#a7 is licensed and authorized to offer such product or service2 7#b7 is registered as a money transmitting business under section #eccj of title #ca1 ,united ,states ,code1 or regulations promulgated under such section2 or 7#c7 has a reasoned legal opinion that demonstrates the legality of the entity's business under applicable law4 7b7 ,rule of ,construction ,nothing in this section shall be construed to-- 7#a7 require an insured depository institution-- 7,a7 to provide any product or service to any particular entity2 7,b7 to regularly review the status of any license of an entity2 or 7,c7 to determine the validity or veracity of any reasoned legal opinion obtained under subsection 7a77#c72 or 7#b7 imply or require that an insured depository institution may only provide products or services to an entity that has met any of the requirements of paragraphs 7#a7 through 7#c7 of subsection 7a74 7c7 ,limitation on rulemaking ,the ,federal banking agencies may not issue any guidance under subsection 7a74 ,any rule implementing subsection 7a7 shall be promulgated in accordance with section #eec of title #e1 ,united ,states ,code4 7d7 ,reasoned legal opinion defined ,for purposes of this section1 the term reasoned legal opinion-- 7#a7 means a written legal opinion by a ,state-licensed attorney that addresses the facts of a particular business and the legality of the business's provision of products or services to customers in the relevant jurisdictions under applicable ,federal and ,state law1 tribal ordinances1 tribal resolutions1 and tribal-,state compacts2 and 7#b7 does not include a written legal opinion that recites the facts of a particular business and states a conclusion4 4 #c4 ,business access to ,federal credit unions ,title ,i of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #agea et seq47 is amended by adding at the end the following new section3 #acb4 ,business access to insured credit unions 7a7 ,in general ,the ,board may not prohibit or otherwise restrict or discourage an insured credit union from providing any product or service to an entity that demonstrates to the insured credit union that such entity-- 7#a7 is licensed and authorized to offer such product or service2 7#b7 is registered as a money transmitting business under section #eccj of title #ca1 ,united ,states ,code1 or regulations promulgated under such section2 and 7#c7 has a reasoned legal opinion that demonstrates the legality of the entity's business under applicable law4 7b7 ,rule of construction ,nothing in this section shall be construed to-- 7#a7 require an insured credit union-- 7,a7 to provide any products or services to any entity2 7,b7 to regularly review the status of any license of an entity2 or 7,c7 to determine the validity or veracity of any reasoned legal opinion obtained under subsection 7a77#c72 or 7#b7 imply or require that an insured credit union may only provide products or services to an entity that has met any of the requirements of paragraphs 7#a7 through 7#c7 of subsection 7a74 7c7 ,limitation on rulemaking ,the ,board may not issue any guidance under subsection 7a74 ,any rule implementing subsection 7a7 shall be promulgated in accordance with section #eec of title #e1 ,united ,states ,code4 7d7 ,reasoned legal opinion defined ,for purposes of this section1 the term reasoned legal opinion-- 7#a7 means a written legal opinion by a ,state-licensed attorney that addresses the facts of a particular business and the legality of the business's provision of products or services to customers in the relevant jurisdictions under applicable ,federal and ,state law1 tribal ordinances1 tribal resolutions1 and tribal-,state compacts2 and 7#b7 does not include a written legal opinion that recites the facts of a particular business and states a conclusion4 4 #d4 ,amendments to the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi ,section #iea of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ahcc;a7 is amended-- 7#a7 in subsection 7c77#b71 by inserting and where such violation or conspiracy to violate is in connection with a violation or conspiracy to violate a section described under paragraph 7#a7 after financial institution2 and 7#b7 in subsection 7g7-- 7,a7 in the header1 by striking subpoenas and inserting investigations2 7,b7 in paragraph 7#a71 by amending subparagraph 7,c7 to read as follows3 7,c7 request a court order from a court of competent jurisdiction1 to summon witnesses and to require the production of any books1 papers1 correspondence1 memoranda1 or other records which the ,attorney ,general deems relevant or material to the inquiry1 and which shall be issued only if the ,attorney ,general offers specific and articulable facts showing that there are reasonable grounds to believe that the information or testimony sought is relevant and material to an ongoing civil proceeding under this section4 2 7,c7 by amending paragraph 7#b7 to read as follows3 7#b7 ,annual report to ,congress on ,,firrea court orders ,the ,attorney ,general shall submit a report before ,january #ca of each year1 beginning the first ,january following the date of enactment of this ,act1 to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 which shall include a detailed description of-- 7,a7 the number of court orders sought by the ,attorney ,general and the number of orders issued2 7,b7 the recipient of the court orders2 7,c7 the number of documents requested and received2 7,d7 the number of witnesses requested to testify and the number who actually testified2 and 7,e7 whether a civil enforcement action was filed and the result of any such enforcement action1 including settlements that led to the dismissal of charges4 2 and 7,d7 by striking paragraph 7#c74 #e4 ,requiring cooperation to deter the commission of financial fraud ,subsection 7a7 of section #cad of the ,,usa ,,patriot ,act 7#ca ,u4,s4,c4 #ecaa note7 is amended-- 7#a7 in paragraph 7#a71 by inserting 1 the commission of financial fraud1 after terrorist acts2 7#b7 in paragraph 7#b7-- 7,a7 in subparagraph 7,b71 by striking 2 and and inserting a semicolon2 7,b7 in subparagraph 7,c71 by striking the period at the end and inserting 2 and2 and 7,c7 by adding at the end the following new subparagraph3 7,d7 means of facilitating the identification of accounts and transactions involving persons engaged in committing financial fraud1 subject to the limitations described in paragraph 7#e74 2 and 7#c7 in paragraph 7#e71 by striking shall not be used and all that follows through the period at the end and inserting the following3 shall not-- 7,a7 be used for any purpose other than identifying and reporting on activities that may involve terrorist acts1 financial fraud1 or money laundering2 and 7,b7 be construed to require financial institutions to determine or assure compliance of any entity with any ,federal1 ,state1 or other licensing requirements4 4 #f4 ,liability for disclosures in reporting suspicious transactions ,paragraph 7#c7 of section #ecah7;g7 of title #ca1 ,united ,states ,code1 is amended-- 7#a7 in subparagraph 7,a71 by inserting 1 for any underlying activity that is the subject of the disclosure1 after for such disclosure2 and 7#b7 in subparagraph 7,b77ii71 by striking civil or before criminal4 #g4 ,financial ,crimes ,enforcement ,network ,data ,accountability ,metrics ,section #caj of title #ca1 ,united ,states ,code1 is amended-- 7#a7 in subsection 7b77#b77;,c7-- 7,a7 in clause 7vi71 by striking 2 and and inserting a semicolon2 7,b7 in clause 7vii71 by striking the period at the end and inserting 2 and2 and 7,c7 by adding at the end the following new clause3 7viii7 generate feedback and report on the utility of the data access service described in subparagraph 7,b7 and the information collected by the service to improve cooperation among data providers and users while reducing regulatory burden and preserving payment system efficiency4 2 7#b7 in subsection 7c7-- 7,a7 in paragraph 7#a77;,c71 by striking 2 and and inserting a semicolon2 7,b7 in paragraph 7#b77;,c71 by striking the period at the end and inserting 2 and2 and 7,c7 by adding at the end the following new paragraph3 7#c7 for appropriate metrics to monitor1 track1 assess1 and report on access to information contained in the data maintenance system maintained by ,fin,c,e,n for-- 7,a7 identifying1 tracking1 and measuring how such information is used and the law enforcement results obtained as a consequence of that use2 and 7,b7 assuring accountability by law enforcement agencies for the utility1 security1 and privacy of such information while reducing unnecessary regulatory burdens4 4