Hill Introduces Bill to Help Law Enforcement Keep Bad Actors Out of American Financial Institutions

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Washington, May 14, 2018 | comments

WASHINGTON – Congressman French Hill (AR-02), introduced the Cooperate with Law Enforcement Agencies and Watch Act, which provides a safe harbor for financial institutions that maintain a customer account at the request of a federal or state law enforcement agency. Rep. Hill, the Majority Whip of the House Committee on Financial Services, issued the following statement:

“As a former community banker, I have dealt with the conflict of wanting to help law enforcement agencies when receiving a ‘Keep Open Letter,’ while not being able to because of the need to comply with the requirements set forth by a regulator. That is why I am pleased to introduce this commonsense bill, which enables partnerships without repercussions between law enforcement agencies and our local financial institutions by allowing law enforcement to monitor cash flows associated with criminal investigations at a financial institution. This is another way Congress is giving our law enforcement the tools they need to prosecute bad actors wanting to use the American financial system for their criminal acts and to keep Americans safer.” 

Background:

The Cooperate with Law Enforcement Agencies and Watch Act, H.R. 5783, would provide a safe harbor for financial institutions that maintain a customer account at the request of a Federal or State law enforcement agency.

 

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