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Title: Financial Institution Customer Protection Act of 2016
Vote Smart's Synopsis:
Vote to pass a bill that prohibits a federal banking agency from terminating a customer account without material reason.
- 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).