,,ib ,union ,calendar ,no4 #cje #aadth ,,congress #b;d ,session ,h4 ,r4 #gff ,report ,no4 #aad-djb ,,in ,,the ,,house ,,of ,,representatives ,february #e1 #bjae ,mr4 ,luetkemeyer 7for himself1 ,mr4 ,hastings1 and ,mr4 ,stivers7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,january #bh1 #bjaf ,additional sponsors3 ,mr4 ,mulvaney1 ,mr4 ,crdenas1 ,mr4 ,murphy of ,florida1 ,mr4 ,gosar1 ,mrs4 ,blackburn1 ,mr4 ,latta1 ,mr4 ,ross1 ,mr4 ,stutzman1 ,mr4 ,sessions1 ,mr4 ,farenthold1 ,mr4 ,upton1 ,mr4 ,curbelo of ,florida1 ,mr4 ,fincher1 ,mr4 ,neugebauer1 ,mr4 ,emmer of ,minnesota1 ,mr4 ,tipton1 ,mr4 ,posey1 ,mr4 ,williams1 ,mr4 ,barr1 ,mr4 ,rothfus1 ,mr4 ,hultgren1 ,mr4 ,pearce1 ,ms4 ,jenkins of ,kansas1 ,mr4 ,jolly1 ,mr4 ,des,jarlais1 ,mr4 ,graves of ,missouri1 ,mr4 ,rodney ,davis of ,illinois1 and ,mr4 ,messer ,january #bh1 #bjaf ,committed to the ,committee of the ,whole ,house on the ,state of the ,union and ordered to be printed ,a ,,bill ,to provide requirements for the appropriate ,federal banking agencies when requesting or ordering a depository institution to terminate a specific customer account1 to provide for additional requirements related to subpoenas issued under the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,financial ,institution ,customer ,protection ,act of #bjae4 #b4 ,requirements for deposit account termination requests and orders 7a7 ,termination requests or orders must be material 7#a7 ,in general ,an appropriate ,federal banking agency may not formally or informally request or order a depository institution to terminate a specific customer account or group of customer accounts or to otherwise restrict or discourage a depository institution from entering into or maintaining a banking relationship with a specific customer or group of customers unless-- 7,a7 the agency has a material reason for such request or order2 and 7,b7 such reason is not based solely on reputation risk4 7#b7 ,treatment of national security threats ,if an appropriate ,federal banking agency believes a specific customer or group of customers poses a threat to national security1 including any belief that such customer or group of customers is involved in terrorist financing1 such belief shall satisfy the materiality requirement under paragraph 7#a77;,a74 7b7 ,notice requirement 7#a7 ,in general ,if an appropriate ,federal banking agency formally or informally requests or orders a depository institution to terminate a specific customer account or a group of customer accounts1 the agency shall-- 7,a7 provide such request or order to the institution in writing2 and 7,b7 accompany such request or order with a written justification for why such termination is needed1 including any specific laws or regulations the agency believes are being violated by the customer or group of customers1 if any4 7#b7 ,justification requirement ,a justification described under paragraph 7#a77;,b7 may not be based solely on the reputation risk to the depository institution4 7c7 ,customer notice 7#a7 ,notice not required ,nothing in this section shall be construed as requiring a depository institution or an appropriate ,federal banking agency to inform a customer or customers of the justification for the customer's account termination described under subsection 7b74 7#b7 ,notice prohibited in cases of national security ,if an appropriate ,federal banking agency requests or orders a depository institution to terminate a specific customer account or a group of customer accounts based on a belief that the customer or customers pose a threat to national security1 neither the depository institution nor the appropriate ,federal banking agency may inform the customer or customers of the justification for the customer's account termination4 7d7 ,reporting requirement ,each appropriate ,federal banking agency shall issue an annual report to the ,congress stating-- 7#a7 the aggregate number of specific customer accounts that the agency requested or ordered a depository institution to terminate during the previous year2 and 7#b7 the legal authority on which the agency relied in making such requests and orders and the frequency on which the agency relied on each such authority4 7e7 ,definitions ,for purposes of this section3 7#a7 ,appropriate ,federal banking agency ,the term appropriate ,federal banking agency means-- 7,a7 the appropriate ,federal banking agency1 as defined under section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 and 7,b7 the ,national ,credit ,union ,administration1 in the case of an insured credit union4 7#b7 ,depository institution ,the term depository institution means-- 7,a7 a depository institution1 as defined under section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 and 7,b7 an insured credit union4 #c4 ,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 striking affecting a federally insured financial institution and inserting against a federally insured financial institution or by a federally insured financial institution against an unaffiliated third person2 and 7#b7 in subsection 7g7-- 7,a7 in the header1 by striking subpoenas and inserting investigations2 and 7,b7 by amending paragraph 7#a77;,c7 to read as follows3 7,c7 summon witnesses and require the production of any books1 papers1 correspondence1 memoranda1 or other records which the ,attorney ,general deems relevant or material to the inquiry1 if the ,attorney ,general-- 7i7 requests a court order from a court of competent jurisdiction for such actions and offers specific and articulable facts showing that there are reasonable grounds to believe that the information or testimony sought is relevant and material for conducting an investigation under this section2 or 7ii7 either personally or through delegation no lower than the ,deputy ,attorney ,general1 issues and signs a subpoena for such actions and such subpoena is supported by specific and articulable facts showing that there are reasonable grounds to believe that the information or testimony sought is relevant for conducting an investigation under this section4 4 ,january #bh1 #bjaf ,committed to the ,committee of the ,whole ,house on the ,state of the ,union and ordered to be printed