,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #ahi  ,,in ,,the ,,house ,,of   
,,representatives  ,january #c1         
#bjai,mr4 ,luetkemeyer introduced the   
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to provide requirements for 
the appropriate ,federal banking        
agencies when requesting or ordering a  
depository institution to terminate a   
specific customer account1 and for other
 purposes4  #a4 ,short title ,this ,act 
may be cited as the ,financial          
,institution ,customer ,protection ,act 
of #bjai4  #b4 ,requirements for deposit
 account termination requests and orders
  7a7 ,termination requests or orders   
must be valid  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 valid 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 is1 or is
 acting as a conduit for1 an entity     
which-- 7,a7 poses a threat to national 
security2  7,b7 is involved in terrorist
 financing2  7,c7 is an agency of the   
,government of ,iran1 ,north ,korea1    
,syria1 or any country listed from time 
to time on the ,state ,sponsors of      
,terrorism list2  7,d7 is located in1 or
 is subject to the jurisdiction of1 any 
country specified in subparagraph 7,c72 
or  7,e7 does business with any entity  
described in subparagraph 7,c7 or 7,d71 
unless the appropriate ,federal banking 
agency determines that the customer or  
group of customers has used due         

diligence to avoid doing business with  
any entity described in subparagraph    
7,c7 or 7,d71  such belief shall satisfy
 the requirement under paragraph 7#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 required ,except as provided   

under paragraph 7#b7 or as otherwise    
prohibited from being disclosed by law1 
if an appropriate ,federal banking      
agency orders a depository institution  
to terminate a specific customer account
 or a group of customer accounts1 the   
depository institution shall inform the 
specific customer or group of customers 
of the justification for the customer's 
account termination described under     
subsection 7b74  7#b7 ,notice prohibited
  7,a7 ,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 or  
are otherwise described under subsection
 7a77#b71 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     

7,b7 ,notice prohibited in other cases  
,if an appropriate ,federal banking     
agency determines that the notice       
required under paragraph 7#a7 may       
interfere with an authorized criminal   
investigation1 neither the depository   
institution nor the appropriate ,federal
 banking agency may inform the specific 
customer or group of 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 union1 as   
defined under section #aja of the       
,federal ,credit ,union ,act 7#ab       
,u4,s4,c4 #ageb74