Fair Access to Banking Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Fair Access to Banking Act aims to prevent banks and other financial institutions from denying financial services to compliant individuals based on subjective factors like reputation or political concerns. It establishes a right for individuals to sue if they are denied services and mandates that financial institutions rely on quantitative, impartial, risk-based standards for decisions. The bill also restricts how financial institutions can use taxpayer-funded lending programs and payment card networks, and it introduces a rebuttable presumption that banks with significant assets are ‘covered banks’ and must justify any denials of service.
Key provisions
- Prohibits banks from denying financial services to compliant individuals based on reputational risk.
- Requires banks to use quantitative, impartial, risk-based standards for financial service decisions.
- Restricts the use of discount window lending programs by banks that deny services.
- Prohibits payment card networks from denying access to services based on political or reputational risk.
- Establishes a rebuttable presumption that banks with $50 million or more in assets are ‘covered banks’.
- Allows individuals to sue banks for violations of the Act.
- Requires banks to provide written justification for service denials.
- Defines ‘fair access to financial services’ and related terms.
Who is affected
- Banks
- Credit Unions
- Payment Card Networks
- Businesses
Bill text
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Sponsors
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