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Fair Access to Banking Act

Bill Number
S. 401
Origin Chamber
Senate
Congress
119th Congress, Session 1
Policy Area
Finance and Financial Sector
Status
Introduced
Latest Action
2025-02-04: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Last Updated
2025-10-24T11:03:15Z

Official 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.

The bill establishes the right for a person to bring a civil action for a violation of this bill.

Sponsor

Sen. Cramer, Kevin [R-ND]

Cosponsors (45)

Sen. Banks, Jim [R-IN], Sen. Barrasso, John [R-WY], Sen. Blackburn, Marsha [R-TN], Sen. Boozman, John [R-AR], Sen. Britt, Katie Boyd [R-AL], Sen. Budd, Ted [R-NC], Sen. Capito, Shelley Moore [R-WV], Sen. Cassidy, Bill [R-LA], Sen. Cornyn, John [R-TX], Sen. Cotton, Tom [R-AR], Sen. Crapo, Mike [R-ID], Sen. Cruz, Ted [R-TX], Sen. Curtis, John R. [R-UT], Sen. Daines, Steve [R-MT], Sen. Ernst, Joni [R-IA], Sen. Fischer, Deb [R-NE], Sen. Graham, Lindsey [R-SC], Sen. Hagerty, Bill [R-TN], Sen. Hoeven, John [R-ND], Sen. Hyde-Smith, Cindy [R-MS], Sen. Johnson, Ron [R-WI], Sen. Justice, James C. [R-WV], Sen. Kennedy, John [R-LA], Sen. Lankford, James [R-OK], Sen. Lummis, Cynthia M. [R-WY], Sen. Marshall, Roger [R-KS], Sen. McCormick, David [R-PA], Sen. Moran, Jerry [R-KS], Sen. Moreno, Bernie [R-OH], Sen. Mullin, Markwayne [R-OK], Sen. Ricketts, Pete [R-NE], Sen. Risch, James E. [R-ID], Sen. Schmitt, Eric [R-MO], Sen. Scott, Rick [R-FL], Sen. Scott, Tim [R-SC], Sen. Sheehy, Tim [R-MT], Sen. Sullivan, Dan [R-AK], Sen. Tillis, Thomas [R-NC], Sen. Tuberville, Tommy [R-AL], Sen. Wicker, Roger F. [R-MS], Sen. Moody, Ashley [R-FL], Sen. Husted, Jon [R-OH], Sen. Hawley, Josh [R-MO], Sen. Grassley, Chuck [R-IA], Sen. McConnell, Mitch [R-KY]

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