House passes Hill bill to aid bankers assisting law officers
Washington,
June 27, 2018
http://http//www.arkansasonline.com/news/2018/jun/27/house-passes-hill-bill-to-aid-bankers-a/
By Frank E. Lockwood WASHINGTON -- Bankers who aid law enforcement officials by keeping suspicious accounts open wouldn't have to worry about their actions running afoul of regulators under legislation that passed in the House on Monday night. HR5783 known as the Cooperate With Law Enforcement Agencies and Watch Act of 2018, offers protection for financial institutions that cooperate with federal, state, local or tribal investigations. Sponsored by U.S. Rep. French Hill, a Republican from Little Rock, the bill was approved 379-4. Forty-four members did not vote. It now heads to the U.S. Senate. Law enforcement officials sometimes send banks what is known as a "keep open" letter requesting that they allow transactions to continue rather than cutting ties with shady clients. The cooperation is appreciated by crime fighters, but the unusual banking activity raises red flags for bank examiners, Hill has said. The legislation, if approved, would ensure that bankers aren't docked on compliance exams for complying with this type of request. The bill wouldn't relieve the bank of its obligation to continue monitoring and reporting any subsequent suspicious transactions arising from the accounts. Hill is the former chairman and chief executive officer of Delta Trust and Banking Corp., a Little Rock financial institution that he founded and led before its purchase in 2014 by Simmons First National Corp. of Pine Bluff.
Also Monday, the House passed legislation containing a provision that was taken from legislation originally introduced by U.S. Rep. Bruce Westerman, a Republican from Hot Springs. The measure would enable people with spina bifida to receive government benefits if their parents were exposed to Agent Orange while serving in Thailand. |
