S245-118

Introduced

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.

118th Congress Introduced Feb 2, 2023

Summary

What This Bill Does

The bill provides requirements for deposit account termination requests and orders and requires amendments to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 Section 951 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. It relies on definition changes, compliance mandates, appropriations, and reporting requirements. The main policy areas are National Security, Finance, and Defense.

Who Benefits and How

Financial services firms and customers affected by the bill could face lower compliance burdens.

Who Bears the Burden and How

Federal, state, or local agencies responsible for implementing the clause would take on compliance duties, National security and critical infrastructure stakeholders affected by the bill could lose revenue opportunities, and Financial services firms and customers affected by the bill could lose revenue opportunities.

Key Provisions

  • Provides requirements for deposit account termination requests and orders.
  • Requires amendments to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 Section 951 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C.

Evidence Chain:

This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.

At a Glance

What This Bill Does

The bill provides requirements for deposit account termination requests and orders and requires amendments to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 Section 951 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C.

Key Policy Areas

National Security, Finance, Defense

Primary Purpose

The bill provides requirements for deposit account termination requests and orders and requires amendments to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 Section 951 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C.

Policy Domains

National Security Finance Defense

Whole bill

Identified Gains
  • Financial services firms and customers affected by the bill
Model: codex-gpt-5:bulk-repair | Version: bill_summary_v2 | Source: is
Financial services firms and customers affected by the bill:
Identified Costs
  • Federal, state, or local agencies responsible for implementing the clause
  • National security and critical infrastructure stakeholders affected by the bill
  • Financial services firms and customers affected by the bill
  • Businesses and employers affected by the bill
  • Public beneficiaries or protected communities affected by the clause
Model: codex-gpt-5:bulk-repair | Version: bill_summary_v2 | Source: is
Businesses and employers affected by the bill:
Financial services firms and customers affected by the bill:
Public beneficiaries or protected communities affected by the clause:
Federal, state, or local agencies responsible for implementing the clause: ,
National security and critical infrastructure stakeholders affected by the bill:

Legislative Progress

Introduced
Introduced Committee Passed
Feb 2, 2023

Mr. Cruz (for himself, Mr. Crapo, and Mr. Cornyn) introduced …

Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →

Bill Structure & Actor Mappings

Who is "The Secretary" in each section?

Domains
National Security Finance Defense

We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.

Learn more about our methodology