1. Short title This Act may be cited as the Closing Loopholes On SafetyNet Exploitation Act or the CLOSE Act . 2. Amendments (a) Eligibility requirements Section 5(a) of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2014(a) ) is amended by adding at the end the following: However, no individual shall be eligible to receive benefits pursuant to this section if they do not meet the same income and resource criteria to which other applicants are subjected under subsections (c) and (g). . (b) Financial Asset verification The Food and Nutrition Act of 2008 ( 7 U.S.C. 2011 et seq.) is amended by inserting after section 11 the following: 11A. Financial asset verification through access to information held by financial institutions (a) Implementation (1) In general Subject to the provisions of this section, each State shall implement a financial asset verification program described in subsection (b), for purposes of determining or redetermining the eligibility of an individual to participate in the supplemental nutrition assistance program. (2) Plan submittal In order to meet the requirement of paragraph (1), each State shall— (A) submit not later than a deadline specified by the Secretary consistent with paragraph (3), a State plan amendment that describes how the State intends to implement the asset verification program