skip to main content

H.R. 5783: Cooperate with Law Enforcement Agencies and Watch Act of 2018

The text of the bill below is as of Jun 26, 2018 (Referred to Senate Committee).


IIB

115th CONGRESS

2d Session

H. R. 5783

IN THE SENATE OF THE UNITED STATES

June 26, 2018

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

To provide a safe harbor for financial institutions that maintain a customer account at the request of a Federal or State law enforcement agency.

1.

Short title

This Act may be cited as the Cooperate with Law Enforcement Agencies and Watch Act of 2018.

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 supervisory 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 Federal, State, Tribal, or local law enforcement agency making the written request; or

(2)

to relieve a financial institution from complying with any reporting requirements, including the reporting of suspicious transactions under section 5318(g).

(c)

Letter termination date

For purposes of this section, any written request described under subsection (a) shall include a termination date after which such request shall no longer apply.

.

(b)

Clerical amendment

The table of contents for chapter 53 of title 31, United States Code, is amended by inserting after the item relating to section 5332 the following:

5333. Safe harbor with respect to keep open letters.

.

Passed the House of Representatives June 25, 2018.

Karen L. Haas,

Clerk.