To codify Executive Order 14331 on fair banking.
- Bill Number
- H.R. 5014
- Origin Chamber
- House
- Congress
- 119th Congress, Session 1
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2025-08-22: Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- Last Updated
- 2025-10-18T08:05:58Z
AI-Generated Summary
Purpose
The legislation, H.R. 5014, aims to transform Executive Order 14331—titled "Guaranteeing Fair Banking for All Americans"—into statutory law. This ensures the order's directives on promoting equitable access to banking services become a permanent part of U.S. law, rather than relying on executive authority alone.
Key Provisions
- Codification of the Executive Order: The bill declares that Executive Order 14331 (published in the Federal Register on August 12, 2025, at 90 Fed. Reg. 38925) has the full force and effect of law.
- No additional provisions are outlined in the bill itself; it solely incorporates the existing executive order without modifications.
Significant Changes to Existing Law
- Elevation of Executive Action: This shifts the executive order from a temporary policy directive (which can be easily reversed by future presidents) to binding federal statute, requiring congressional action to alter or repeal.
- It does not amend or add to existing banking laws like the Community Reinvestment Act or Equal Credit Opportunity Act but integrates the order's fair banking principles into the legal framework.
Potential Impacts
- On Government Agencies: Federal banking regulators (e.g., the Federal Reserve, FDIC, and OCC) must enforce the order's fair banking requirements as law, potentially increasing oversight and compliance obligations.
- On Citizens: Enhances protections against discriminatory banking practices, promoting fair access to loans, credit, and financial services for underserved communities, such as low-income or minority groups.
- On International Relations: Minimal direct impact, though it could influence U.S. financial institutions' global operations by standardizing domestic fair lending standards.
Main Stakeholders Affected
- Financial Institutions: Banks and lenders face stricter, legally enforceable rules on fair banking practices, potentially requiring updates to lending policies and risk assessments.
- Consumers and Communities: Individuals and groups seeking financial services benefit from guaranteed equitable treatment, reducing barriers for historically marginalized populations.
- Regulatory Bodies: Agencies like the Consumer Financial Protection Bureau (CFPB) gain statutory backing for enforcement, streamlining their role in monitoring compliance.
- Small Businesses: As the bill is referred to the Committee on Small Business, it may indirectly support smaller lenders by clarifying fair banking expectations without imposing undue burdens.
Notable Legal, Constitutional, or Political Implications
- Legal Implications: Codification strengthens enforceability through courts, as violations could lead to statutory penalties rather than just administrative actions. It aligns with constitutional separation of powers by having Congress affirm an executive initiative.
- Constitutional Considerations: Reinforces Congress's authority under Article I to regulate commerce and banking, potentially reducing challenges to executive orders on similar topics.
- Political Implications: Bipartisan referral to committees (Financial Services and Small Business) suggests broad support for fair banking, but it could spark debates over regulatory overreach in future sessions. No overt controversies are evident in the bill text.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (2)
Rep. Collins, Mike [R-GA-10], Rep. Schmidt, Derek [R-KS-2]
Recent Actions
- 2025-08-22: Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2025-08-22: Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2025-08-22: Introduced in House
- 2025-08-22: Introduced in House
Bill Versions
- To codify Executive Order 14331 on fair banking. — issued 2025-08-22 — PDF (1 pages)