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HR 987 · 119th Congress — Fair Access to Banking Act

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…

Congress
119
Bill
HR 987
Status
Introduced
Introduced
2025-02-05
Latest action date
2025-02-05

Summary

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. Right now, the latest action is: Sent to the House Financial Services Committee. The listed sponsor is Rep. Barr, Andy [R-KY-6] [R].

This summary may describe an earlier version. Check the official record for current wording.

Latest action

Referred to the House Committee on Financial Services.

Sponsors

Sources