HR 8643
Financial Access Protection Act
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Bill overview
The Financial Access Protection Act prohibits financial institutions, such as banks and credit unions, from collecting or disclosing information about a consumer’s citizenship or immigration status. It also prevents federal banking agencies from requiring or encouraging these institutions to gather such data or using it in regulatory decisions. The goal is to protect consumers’ privacy and ensure equal access to financial services regardless of immigration status.
Key provisions
- Financial institutions cannot require citizenship/immigration status as a condition of account opening.
- Institutions cannot request, collect, or maintain information about citizenship/immigration status.
- Institutions cannot share this information with government entities.
- Federal banking agencies cannot require or encourage data collection.
- Regulatory actions cannot be based on this information.
- Appropriate Federal banking agencies are responsible for enforcing the law.
- The law defines ‘covered financial institution’ broadly, including banks, credit unions, consumer reporting agencies, and holding companies.
- The law does not affect obligations under the Bank Secrecy Act or compliance with financial crime reporting requirements.
Who is affected
- Financial Institutions (banks, credit unions, etc.)
- Consumers
- Federal Banking Agencies
- Governmental Entities
- Immigrants
Notable changes
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119th CONGRESS — 2d Session
H. R. 8643
IN THE HOUSE OF REPRESENTATIVES
A BILL
To prohibit covered financial institutions from collecting, maintaining, and disclosing information relating to the citizenship status and immigration status of consumers, and for other purposes.
This Act may be cited as the Financial Access Protection Act
.
Notwithstanding any other provision of law, a covered financial institution may not—
require a consumer or prospective consumer to disclose their citizenship status or immigration status as a condition of opening, maintaining, or accessing an account or financial service offered by such covered financial institution;
request, collect, record, retain, maintain, or otherwise obtain information relating to the citizenship status or immigration status of a consumer; or
No appropriate Federal banking agency may, by regulation, rule, order, guidance, supervisory expectation, examination procedure, informal request, or otherwise—
require or encourage a covered financial institution to collect or maintain information regarding the citizenship status or immigration status of a consumer; or
The term covered financial institution means—
an insured depository institution (as such term is defined in section 3 of the Federal Deposit Insurance Act);
a national bank or Federal savings association supervised by the Office of the Comptroller of the Currency;
a State member bank supervised by the Board of Governors of the Federal Reserve System;
a State nonmember bank supervised by the Federal Deposit Insurance Corporation;
a bank holding company or savings and loan holding company supervised by the Board of Governors of the Federal Reserve System; and
a subsidiary or affiliate thereof that is subject to examination or supervision by a Federal banking agency.
Nothing in this section may be construed to—
prevent covered financial institutions from complying with Federal, State, or local reporting requirements relating to the prevention of financial crimes including money laundering, terrorist financing, and compliance with sanctions.