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.
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
Whole bill
Identified Gains
- 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
Sponsors
Legislative Progress
IntroducedMr. 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?
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.
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