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house Bill H.R. 2706

Protecting Bank Customers from "Operation Choke Point" — Unless They’re Linked to Terrorism

Argument in favor

This bill would put a stop to the abuse of legitimate business owners under Operation Choke Point, while still allowing regulators and banks to cut off accounts that they believe are linked to funding terrorist activities. That’s an appropriate balance.

Casey's Opinion
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12/11/2017
Choke Point is notorious. It's abuses FAR outnumber it's service to the people.
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Eric's Opinion
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12/11/2017
Choke Point is an unconstitutional overreach by the federal government. It totally violates our rights as US citizens to due process. This is is totally unacceptable.
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reginaw's Opinion
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12/11/2017
Consumer protections. What more can we ask of our Federal government.
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Argument opposed

The Obama administration and the DOJ are right to target businesses that they view as being at high risk for fraud or money laundering. These reforms would impede investigations into those activities unless there’s a connection to terrorism.

OlderNWiser's Opinion
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12/11/2017
Who does money laundering? Is it the small business in my small town? Or is it the super wealthy—perhaps the one in the White House said to be associated with the mafia? We need every protection possible from my perspective.
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Erin's Opinion
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12/11/2017
No. Why is this administration hell bent on repealing or removing every Obama-era regulation or law. This is a bill out of spite. Grow up and start doing your jobs and stop with all this petty bull.
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Thelma's Opinion
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12/11/2017
Please vote no. We need to be able to investigate businesses at risk for money laundering. Voting for this pretty much tells me that you, as a legislator, may want access to such banks. It does not tell me you are interested in our country. People before businesses, please.
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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed December 11th, 2017
    Roll Call Vote 394 Yea / 2 Nay
      house Committees
      Committee on Financial Services
    IntroducedMay 25th, 2017

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Bill Details

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Title

Financial Institution Customer Protection Act of 2017

Official Title

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

Financial Institution Customer Protection Act of 2017 (Sec. 2) This bill specifies that a federal banking agency may not request or order a depository institution to terminate a customer account unless: (1) the agency has a valid reason for doing so, and (2) that reason is not based solely on reputation risk. Valid reasons for terminating an account include threats to national security and involvement in terrorist financing, including state sponsorship of terrorism. A federal banking agency requesting a termination must provide the depository institution with notification and justification.
    Choke Point is notorious. It's abuses FAR outnumber it's service to the people.
    Like (25)
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    Who does money laundering? Is it the small business in my small town? Or is it the super wealthy—perhaps the one in the White House said to be associated with the mafia? We need every protection possible from my perspective.
    Like (99)
    Follow
    Share
    No. Why is this administration hell bent on repealing or removing every Obama-era regulation or law. This is a bill out of spite. Grow up and start doing your jobs and stop with all this petty bull.
    Like (77)
    Follow
    Share
    Please vote no. We need to be able to investigate businesses at risk for money laundering. Voting for this pretty much tells me that you, as a legislator, may want access to such banks. It does not tell me you are interested in our country. People before businesses, please.
    Like (40)
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    The law to make it easier for the DOJ to stop money laundering is all good to me. I don’t believe the Republicans when they say that legitimate businesses are targeted. Payday lenders are notorious for getting access to customers bank accounts and then using electronic debits to drain money from that account. It often ends up in the hands of terrorists. We must not make it harder for the DOJ to bust money launderers or those ripping off Americans who are taking out payday and car title loans. I think that this is political. Note that one of Trumps biggest supporters is Allan Jones CEO of Check Into Cash.
    Like (19)
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    So far, if Obama put it in, it was to protect the American people. If trump or the republican are for it, it to hose the American people! Fox opinion news and fox and opinion friends would like you to believe differently with their fake news media brainwash.
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    THE TRAITORS WANT TO MAKE IT EASIER TO LAUNDER THEIR PAYOFFS FROM THE RUSSIANS WITH THIS BILL VOTE NAY !! SAVE OUR UNITED STATES OF AMERICA FROM BEING SACKED BY RUSSIA !!!
    Like (11)
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    Choke Point is an unconstitutional overreach by the federal government. It totally violates our rights as US citizens to due process. This is is totally unacceptable.
    Like (10)
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    No this is another attempt for Trump to end anything Obama era put in place.
    Like (9)
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    Consumer protections. What more can we ask of our Federal government.
    Like (8)
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    Stip destroying consumer protection.
    Like (8)
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    Stop with the idiotic comments about the president. You have accused him of everything and anything out of blind hatred. For your information this issue has been debated since Holder went behind congress’s back to destroy the second amendment. And, if Obama hadn’t tried to go against the people on this issue this would have been totally unnecessary. 😐
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    NO!!!! Why is this administration and GOP constantly bringing up bills that will make our country unsafe & that will do harm to the country & the people. This law makes the financial institutions responsible if they are involved in money laundering and/or putting extra pressure on regular people like Check Cashing or title Loan places. This is a regulation that is needed to aid the people.
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    When we talk about “bank customers” we’re talking about businesses with some of the sketchiest services that you can find out there like payday lending, get rich schemes, and escort services. These businesses should be put under more scrutiny. What this legislation will do is likely put our banking system at greater risk for money laundering and other illegal practices. The program should stay.
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    Just because Obama was involved doesn’t make it inherently bad. I would rather my representatives focus on helping the American people and not help large corporations get away with laundering money.
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    Helping who? If you’re legit don’t worry.
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    Yet another anti-people pro-corporation garbage bill from the Republicans. This REMOVES protections for consumers and increases risk. The wrong direction. Please vote no on this bill.
    Like (4)
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    Yet another horrific bill made to make it easier for big corporations to get away with screwing us over. Please, please vote no!
    Like (4)
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    How does this reversal of law protect the average consumer from business under investigation?
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    Another Republican payoff.
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