Fair Access to Banking Act

U.S. Congress · HR987 · In Committee

Progression

Timing in context

Primary sponsor's contributions received (same period)

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What the bill says

HR987 · U.S. Congress · In Committee

Introduced 2025-02-05. Latest action: Referred to the House Committee on Financial Services.

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Summary (plain-language)

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.

Sponsors

Text versions

  • Introduced in House — 2025-02-05 — XML

What analysts say

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What politicians say

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Action History

DateAction
2025-02-05Introduced in House
2025-02-05Referred to the House Committee on Financial Services.

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