THE DAILY WHIP: THURSDAY, FEBRUARY 4, 2016

H.R. 766 – Financial Institution Customer Protection Act of 2015 (Rep. Luetkemeyer – Financial Services) (One hour of debate).  This bill would sharply limit the ability of federal banking regulators and the Justice Department to require financial entities that they regulate to comply with U.S. legal and regulatory requirements that are designed to protect the United States financial system from money laundering, terrorist financing, and other serious financial crimes.  The bill would prohibit federal banking regulators from suggesting, requesting, or ordering a depository institution to terminate a specific customer or group of customer accounts or to discourage any banking relationship unless regulators satisfy new and potentially burdensome conditions. H.R. 766 would curtail federal scrutiny of bank transactions with payment processors, payday lenders, and other companies that are at high risk of engaging in money-laundering, financial fraud, or terrorist financing. 

In the Statement of Administration Policy, the President's senior advisors stated that they would recommend he veto this bill.

The Rule, which was adopted yesterday, makes in order 2 amendments, debatable for 10 minutes, equally divided between the offeror and an opponent.  The amendments are:

Sherman Amendment. Clarifies that the underlying bill does not prevent federal banking regulators from requesting or requiring a financial institution to terminate a relationship with a customer because: (1) the customer poses a threat to national security; (2) is engaged in terrorist financing; (3) is doing business with Iran, North Korea, Syria, or another State Sponsor of Terrorism; or (4) is doing business with an entity in any of those countries.
Gosar Amendment. Requires notice to banking customers if a customer account is terminated at the direction of federal banking regulators.

Bill Text for H.R. 766:
PDF Version

Background for H.R. 766:
House Report (HTML Version)
House Report (PDF Version)