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Key Votes

HR 766 - Financial Institution Customer Protection Act of 2016 - Key Vote

National Key Votes

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Family

Issues

Stage Details

Legislation - Referred to Committee (Senate) -
Legislation - Bill Passed (House) (250-169) - (Key vote)

Title: Financial Institution Customer Protection Act of 2016

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that prohibits a federal banking agency from terminating a customer account without material reason.

Highlights:
  • Prohibits a federal banking agency from terminating or declining to enter into a banking relationship with a specific customer account, unless the agency has material reason that is not based solely on a risk to reputation (Sec. 2). 
  • Specifies that a federal banking agency has material reason to terminate a specific customer account, if the agency believes the following circumstances apply (Sec. 2):
    • The customer poses a threat to national security;
    • The customer is involved in terrorist financing; or
    • The customer is located in, does business with, or is an agency of Iran, North Korea, Syria, or another country listed in the State Sponsors of Terrorism list. 
  • Requires a federal banking agency that intends to order a depository institution to terminate a specific customer account to provide written request and justification to the institution (Sec. 2).
Legislation - Introduced (House) -

Title: Financial Institution Customer Protection Act of 2016

Sponsors

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