Fair Access to Banking Act
- Last Action
- 2/5/2025
Actions
- 2025-02-05Referred to the House Committee on Financial Services.
- 2025-02-05Introduced in House
- 2025-02-05Introduced in House
CRS Summary
As of 2025-02-05 (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.
The bill establishes the right for a person to bring a civil action for a violation of this bill.
Cosponsors (20)
- Daniel Meuser (R-PA)
- Scott Franklin (R-FL)
- Andrew Clyde (R-GA)
- Pat Harrigan (R-NC)
- Jodey Arrington (R-TX)
- Scott Fitzgerald (R-WI)
- Virginia Foxx (R-NC)
- Clay Higgins (R-LA)
- Mike Rogers (R-AL)
- Vern Buchanan (R-FL)
- Beth Van Duyne (R-TX)
- Randy Weber (R-TX)
- Ron Estes (R-KS)
- Austin Scott (R-GA)
- Brad Finstad (R-MN)
- Claudia Tenney (R-NY)
- Dale Strong (R-AL)
- Keith Self (R-TX)
- Rudy Yakym (R-IN)
- Sam Graves (R-MO)
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.