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This bill seeks to protect bank customers that otherwise might have had their accounts targeted by Operation Choke Point by preventing federal banking regulators from forcing the termination of a business' account because of its \"reputational risk\". Operation Choke Point was an Obama era initiative launched by the Dept. of Justice (DOJ) in 2013 to target businesses suspected of fraud and money laundering activities. The program was criticized for targeting legitimate businesses and was ended by the Trump administration in August 2017, but could be re-instated under current law. This bill aims to block that from happening.

Federal banking agencies would be prohibited from formally or informally suggesting or ordering a depository institution (like a bank or credit union) to terminate a customer's accounts, groups of accounts, or restricting relationships with groups of customers unless:

The agency has a material reason to do so;
The reason is not based solely on reputation risk related to that customer or group of customers.

The “material reason” criterion would be satisfied if a federal banking agency believes that customer or group of customers in question poses a threat to national security, including involvement in terrorist financing.

Federal banking agencies would be required to notify the depository institution about a customer’s account restriction or termination — but wouldn't have to notify the customer. Any notice to the customer would be prohibited if the federal banking agency requests or orders the termination or restriction of a customer account if the customer is believed to be a threat to national security.

This bill also revises requirements for summoning witnesses and requiring the production of books or other records deemed relevant by the Attorney General for a civil investigation that may result in civil penalties for specified violations.

","official_title":"To provide requirements for the appropriate Federal banking agencies when requesting or ordering a depository institution to terminate a specific customer account, to provide for additional requirements related to subpoenas issued under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and for other purposes.","short_title":"Financial Institution Customer Protection Act of 2017","popular_title":null,"short_summary":"Financial Institution Customer Protection Act of 2017\n\n(Sec. 2) 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.\n\nValid reasons for terminating an account include threats to national security and involvement in terrorist financing, including state sponsorship of terrorism.\n\nA federal banking agency requesting a termination must provide the depository institution with notification and justification.","summarized":true,"cost":null,"cost_commentary":"The CBO estimates that this bill would cause no change in federal spending.","impact":"Individuals and businesses whose bank accounts might have been scrutinized due to Operation Choke Point, financial institutions, federal banking agencies, and the DOJ.","argument_for":"This bill would put a stop to the abuse of legitimate business owners under Operation Choke Point, while still allowing regulators and banks to cut off accounts that they believe are linked to funding terrorist activities. 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Protecting Bank Customers from "Operation Choke Point" — Unless They’re Linked to Terrorism