text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Financial Institution Customer 
  Protection Act of 2014''.
  
  SEC. 2. REQUIREMENTS FOR DEPOSIT ACCOUNT TERMINATION REQUESTS AND 
                ORDERS.
  
      (a) Termination Requests or Orders Must Be Material.--
              (1) In general.--An appropriate Federal banking agency may 
          not suggest, request, or order a depository institution to 
          terminate a specific customer account or to otherwise restrict 
          or discourage a depository institution from entering into or 
          maintaining a banking relationship with a specific customer 
          unless--
                      (A) the agency has a material reason for such 
                  suggestion, request, or order; and
                      (B) such reason is not based solely on reputation 
                  risk.
              (2) Treatment of national security threats.--If an 
          appropriate Federal banking agency believes a specific customer 
          poses a threat to national security, including any belief that 
          such customer is involved in terrorist financing, such belief 
          shall satisfy the materiality requirement under paragraph 
          (1)(A).
              (3) Rulemaking.--Not later than the end of the 60-day 
          period beginning on the date of the enactment of this Act, the 
          appropriate Federal banking agencies shall, jointly, issue 
          regulations defining the term ``reputation risk'' for purposes 
          of this section.
      (b) Notice Requirement.--
              (1) In general.--If an appropriate Federal banking agency 
          suggests, requests, or orders a depository institution to 
          terminate a specific customer account, the agency shall--
                      (A) provide such suggestion, request, or order to 
                  the institution in writing; and
                      (B) accompany such suggestion, request, or order 
                  with a justification for why such termination is 
                  needed, including any specific laws or regulations the 
                  agency believes are being violated by the customer, if 
                  any.
              (2) Justification requirement.--A justification described 
          under paragraph (1)(B) may not be based solely on the 
          reputation risk to the depository institution.
      (c) Customer Notice.--
              (1) Notice not required.--Nothing in this section shall be 
          construed as requiring a depository institution or an 
          appropriate Federal banking agency to inform a customer of the 
          justification for the customer's account termination described 
          under subsection (b).
              (2) Notice prohibited in cases of national security.--If an 
          appropriate Federal banking agency suggests, requests, or 
          orders a depository institution to terminate a specific 
          customer account based on a belief that the customer poses a 
          threat to national security, neither the depository institution 
          nor the appropriate Federal banking agency may inform the 
          customer of the justification for the customer's account 
          termination.
      (d) Reporting Requirement.--Each appropriate Federal banking agency 
  shall issue an annual report to the Congress stating--
              (1) the aggregate number of specific customer accounts that 
          the agency suggested, requested, or ordered a depository 
          institution to terminate during the previous year; and
              (2) the legal authority under which the agency made such 
          suggestions, requests, and orders.
      (e) Definitions.--For purposes of this section:
              (1) Appropriate federal banking agency.--The term 
          ``appropriate Federal banking agency'' means--
                      (A) the appropriate Federal banking agency, as 
                  defined under section 3 of the Federal Deposit 
                  Insurance Act (12 U.S.C. 1813); and
                      (B) the National Credit Union Administration, in 
                  the case of an insured credit union.
              (2) Depository institution.--The term ``depository 
          institution'' means--
                      (A) a depository institution, as defined under 
                  section 3 of the Federal Deposit Insurance Act (12 
                  U.S.C. 1813); and
                      (B) an insured credit union.
  
  SEC. 3. AMENDMENTS TO THE FINANCIAL INSTITUTIONS REFORM, RECOVERY, AND 
                ENFORCEMENT ACT OF 1989.
  
      Section 951 of the Financial Institutions Reform, Recovery, and 
  Enforcement Act of 1989 (12 U.S.C. 1833a) is amended--
              (1) in subsection (c)(2), by striking ``affecting'' and 
          inserting ``by or against''; and
              (2) in subsection (g)--
                      (A) in the header, by striking ``Subpoenas'' and 
                  inserting ``Investigations''; and
                      (B) by amending paragraph (1)(C) to read as 
                  follows:
                      ``(C) summon witnesses and require the production 
                  of any books, papers, correspondence, memoranda, or 
                  other records which the Attorney General deems relevant 
                  or material to the inquiry, if the Attorney General--
                              ``(i) requests a court order from a court 
                          of competent jurisdiction for such actions and 
                          offers specific and articulable facts showing 
                          that there are reasonable grounds to believe 
                          that the information or testimony sought is 
                          relevant and material for conducting an 
                          investigation under this section; or
                              ``(ii) either personally or through 
                          delegation no lower than the Deputy Attorney 
                          General, issues and signs a subpoena for such 
                          actions and has reasonable grounds to believe 
                          that the information or testimony sought is 
                          relevant for conducting an investigation under 
                          this section.''.
target: Financial Institution Customer Protection Act of 2014 - Prohibits a federal banking agency from suggesting, requesting, or ordering a depository institution to terminate a specific customer account, or otherwise restrict or discourage it from entering into or maintaining a banking relationship with a specific customer, unless: (1) the agency has a material reason to do so, and (2) the reason is not based solely on reputation risk. Prescribes requirements for notice from the federal banking agency to the depository institution about such a customer account restriction or termination; but states that notice to the customer is not required.   Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to revise requirements for summoning witnesses and requiring production of books or other records the Attorney General deems relevant or material to a civil investigation in contemplation of a civil proceeding which may result in civil penalties for specified violations.
feat_title: Financial Institution Customer Protection Act of 2014