H. Rept. 115-780 1 (2018-06-25)

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                     115TH  CONGRESS                                           REPORT
                         2d Session     HOUSE OF REPRESENTATIVES               115-780







                       COOPERATE WITH LAW ENFORCEMENT AGENCIES AND
                                            WATCH ACT OF 2018



                      JUNE 25, 2018.-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

                                               [To accompany H.R. 5783]

                       The  Committee   on  Financial  Services, to whom  was  referred the
                     bill (H.R. 5783)  to provide  a safe harbor  for financial institutions
                     that  maintain  a customer   account  at the  request of a  Federal  or
                     State  law enforcement   agency, having  considered  the  same, report
                     favorably  thereon with  an amendment and recommend that the bill
                     as amended   do pass.
                       The  amendment is as follows:
                       Strike  all after the enacting clause and insert the following:

                     SECTION 1. SHORT TITLE.
                       This Act may be cited as the Cooperate with Law Enforcement Agencies and
                     Watch Act of 2018.
                     SEC. 2. SAFE HARBOR WITH RESPECT TO KEEP OPEN LETTERS.
                       (a) IN GENERAL.-Subchapter II of chapter 53 of title 31, United States Code, is
                     amended by adding at the end the following:
                     5333. Safe harbor with respect to keep open letters
                       (a) IN GENERAL.-With respect to a customer account of a financial institution,
                     if a Federal, State, Tribal, or local law enforcement agency requests, in writing, the
                     financial institution to keep such account open-
                           (1) the financial institution shall not be liable under this subchapter for
                         maintaining such account consistent with the parameters of the request; and
                           (2) no Federal or State department or agency may take any adverse super-
                         visory action under this subchapter with respect to the financial institution for
                         maintaining such account consistent with the parameters of the request.
                       (b) RULE OF CONSTRUCTION.-Nothing in this section may be construed-
                           (1) from preventing a Federal or State department or agency from verifying
                         the validity of a written request described under subsection (a) with the Fed-
                         eral, State, Tribal, or local law enforcement agency making the written request;
                         or

                         79-006

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