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H. Rept. 114-402 1 (2016-01-28)

handle is hein.congrecreports/crptxrhz0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 114-402 FINANCIAL INSTITUTION CUSTOMER PROTECTION ACT OF 2015 JANUARY 28, 2016.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HENSARLING, from the Committee on Financial Services, submitted the following REPORT together with MINORITY VIEWS [To accompany H.R. 766] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 766) to provide requirements for the appropriate Federal banking agencies when requesting or ordering a depository institu- tion to terminate a specific customer account, to provide for addi- tional requirements related to subpoenas issued under the Finan- cial Institutions Reform, Recovery, and Enforcement Act of 1989, and for other purposes, having considered the same, report favor- ably thereon without amendment and recommend that the bill do pass. PURPOSE AND SUMMARY H.R. 766, the Financial Institution Customer Protection Act of 2015, prohibits a federal banking agency from formally or infor- mally suggesting, requesting, or ordering a depository institution to terminate either a specific customer account, or group of customer accounts, or otherwise restrict or discourage it from entering into or maintaining a banking relationship with a specific customer or group of customers, unless: (1) the agency has a material reason to do so, and (2) the reason is not based solely on reputation risk. The bill also curbs abuses of the Financial Institutions Reform, Recov- ery and Enforcement Act of 1989. 59-006

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