Fair Access to Banking Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
The Fair Access to Banking Act aims to prevent banks and other financial institutions from denying financial services to individuals and businesses solely based on political or reputational concerns. It establishes a requirement for these institutions to rely on quantitative, impartial, risk-based standards when making decisions about providing financial services, prohibiting denials based on subjective factors. The bill also includes provisions to restrict payment card networks and credit unions from engaging in similar practices and to limit the use of discount window lending programs by banks that have engaged in discriminatory practices.
Key provisions
- Banks must base financial service decisions on quantitative, impartial, risk-based standards.
- Prohibits denial of services based on political or reputational risk.
- Restricts the use of discount window lending programs by banks that have denied fair access to financial services.
- Payment card networks cannot prohibit access to services based on political or reputational risk.
- Credit unions are subject to similar restrictions as banks.
- Establishes a cause of action for individuals to sue banks that violate the bill.
- Provides for treble damages in successful lawsuits.
- Sets a threshold asset size ($10 billion) for certain restrictions to apply.
Who is affected
- Banks
- Credit Unions
- Payment Card Networks
- Businesses
- Consumers
Bill text
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Sponsors
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Cosponsors
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