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H.R. 2706: Financial Institution Customer Protection Act of 2017

This was a vote to pass H.R. 2706 in the House. This vote was taken under a House procedure called “suspension of the rules” which is typically used to pass non-controversial bills. Votes under suspension require a 2/3rds majority. A failed vote under suspension can be taken again.

H.R. 2706 establishes requirements for the termination of bank accounts to prohibit federal banking regulators from formally or informally suggesting, requesting, or ordering a depository institution to terminate either a specific customer account, or group of customer accounts, except in specific circumstances affecting national security. This provision is designed in an attempt to prevent federal regulators from encouraging banking institutions to close any entity’s bank account without due process.

The bill would also require federal banking agencies to issue an annual report to Congress that describes the number of customer accounts the agency requested or caused to be closed and the legal authority on which the agency relied.

“Operation Choke Point” was a law enforcement initiative launched by the Department of Justice’s (DOJ) Consumer Protection branch during President Obama's Administration to combat consumer fraud by ‘choking off’ businesses alleged to have committed fraud from access to the financial system.

Rather than investigate and prosecute the merchants alleged to have committed fraud, the DOJ partnered with the Federal Deposit Insurance Corporation (FDIC) to identify merchants that may pose a ‘high risk’ for consumer fraud, despite the fact that many may be operating their businesses legally. Through this process, the FDIC equates legitimate and regulated activities like coin dealers and firearms and ammunition sales, with illegal activities like Ponzi schemes, debt consolidation scams, and the sale of drug paraphernalia. Legal businesses identified by the FDIC as ‘high risk’ have seen their accounts terminated by banks seeking to avoid civil and criminal liability.

Source: Republican Policy Committee

Totals Republicans Democrats
Yea 395
 
 
92%
222
 
173
 
Nay 2
 
 
0%
0
 
2
 
Not Voting 34
 
 
8%
16
 
18
 
Date:
Dec 11, 2017
Question:
On Motion to Suspend the Rules and Pass, as Amended in the House
Required:
2/3
Result:
Passed
Source:
house.gov

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