Fair Access to Banking Act
- Last Action
- 4/20/2023
Actions
- 2023-04-20Referred to the House Committee on Financial Services.
- 2023-04-20Introduced in House
- 2023-04-20Introduced in House
CRS Summary
As of 2023-04-20 (00)
Fair Access to Banking Act
This bill places restrictions on certain banks, credit unions, and payment card networks if they refuse to do business with a person who complies with the law. Restrictions include prohibiting the use of electronic funds transfer systems and lending programs, termination of an institution's depository insurance, and specified civil penalties.
Banks and other specified financial institutions are allowed to deny financial services to a person only if the denial is justified by a documented failure of that person to meet quantitative, impartial, risk-based standards established in advance by the institution. This justification may not be based upon reputational risks to the institution. Banks may also deny services to a person who engaged in rude or harassing conduct toward an employee of the bank.
The bill establishes the right for a person to bring a civil action for a violation of this bill.
Cosponsors (20)
- Bill Posey (R-FL)
- PETE SESSIONS (R-TX)
- Daniel Meuser (R-PA)
- Zachary Nunn (R-IA)
- Andrew Ogles (R-TN)
- Scott DesJarlais (R-TN)
- Jack Bergman (R-MI)
- Dan Bishop (R-NC)
- Don Bacon (R-NE)
- Mark Amodei (R-NV)
- Bill Huizenga (R-MI)
- Earl Carter (R-GA)
- Robert Wittman (R-VA)
- John Moolenaar (R-MI)
- William Timmons (R-SC)
- Richard Hudson (R-NC)
- Pat Fallon (R-TX)
- Scott Fitzgerald (R-WI)
- Alexander Mooney (R-WV)
- Paul Gosar (R-AZ)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.