,,ii #aafth ,,congress #ast ,session ,s4 #cjjc ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,december #aj1 #bjai,mr4 ,cruz 7for himself1 ,mr4 ,crapo1 ,mr4 ,kennedy1 ,mr4 ,tillis1 ,mr4 ,inhofe1 ,mr4 ,lee1 ,mrs4 ,hyde-,smith1 ,mr4 ,cornyn1 ,mr4 ,sasse1 and ,mr4 ,braun7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,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 #bjai4 #b4 ,requirements for deposit account termination requests and orders 7a7 ,definitions ,in this section-- 7#a7 the term appropriate ,federal banking agency-- 7,a7 has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 and 7,b7 in the case of an insured credit union1 means the ,national ,credit ,union ,administration ,board2 7#b7 the term depository institution-- 7,a7 has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 and 7,b7 includes an insured credit union2 and 7#c7 the term insured credit union has the meaning given the term in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb74 7b7 ,termination requests or orders must be material 7#a7 ,in general ,the 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 the request or order2 and 7,b7 that reason is not based solely on reputation risk to the depository institution4 7#b7 ,treatment of national security threats ,the appropriate ,federal banking agency shall satisfy the requirement under paragraph 7#a7 if the agency believes a specific customer or group of customers is1 or is acting as a conduit for1 an entity that-- 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 sponsor of terrorism list2 7,d7 is located in1 or is subject to the jurisdiction of1 any country described 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,d74 7c7 ,notice requirement 7#a7 ,in general ,if the 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 the request or order to the institution in writing2 and 7,b7 include with the request or order a written justification for why the termination is necessary1 including any specific law 7including regulations71 the agency believes that the customer or group of customers are violating4 7#b7 ,justification requirement ,a written justification under paragraph 7#a77;,b7 may not be based solely on the reputation risk to the depository institution4 7d7 ,customer notice 7#a7 ,notice required ,except as provided in paragraph 7#b71 if the 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 customer or customers of the justification for the termination of the account or accounts under subsection 7c77#a77;,b74 7#b7 ,notice prohibited in cases of national security ,if the 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 in subsection 7b77#b71 neither the depository institution nor the appropriate ,federal banking agency may inform the customer or customers of the justification for the termination of the account or accounts4 7e7 ,reporting requirement ,each appropriate ,federal banking agency shall issue an annual report to ,congress stating-- 7#a7 the aggregate number of specific customer accounts that the agency requested or ordered a depository institution to terminate during the #a-year period preceding the issuance of the report2 7#b7 the legal authority on which the agency relied in making the requests and orders described in paragraph 7#a72 and 7#c7 the frequency with which the agency relied on each authority described in paragraph 7#b74 #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#b7-- 7,a7 by inserting a comma after #acda2 and 7,b7 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 subsection heading1 by striking subpoenas and inserting investigations2 and 7,b7 by striking paragraph 7#a77;,c7 and inserting the following3 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