Bill · H.R. 987· House(119-HR-987)

Fair Access to Banking Act

Age: 53 years

Kentucky

Introduced: 2/5/2025
Last activity: 2/5/2025 — Referred to the House Committee on Financial Services.
Sponsored by: Andy Barr
Cosponsors: - 148 - 0

Finance and Financial Sector

Introduced
In Committee

What this bill would do

The Fair Access to Banking Act aims to stop certain large financial institutions and payment card networks from denying financial services to lawful businesses based on subjective political reasons, bias, or reputational risks. The bill requires covered banks and institutions to make their financial services available on proportionally equal terms and to use quantitative, impartial risk-based standards when deciding whether to serve a customer. If a covered bank denies a person a financial service, it must provide a written justification that cannot be based solely on reputational risk. The legislation imposes penalties, such as restricting access to taxpayer-funded discount window lending programs and the Automated Clearing House Network, for banks that refuse to do business with lawful persons. Additionally, it gives affected individuals the right to sue violating banks in a United States district court for treble damages and attorney fees.

Yes· 3 of 9

Would business owners be better off under this?+7
Specifically protects business owners from arbitrary denial of banking services based on political or reputational risk.
Would gun owners be better off under this?+6
Lawful businesses in politically unpopular sectors, like firearm sales, are explicitly intended to be protected.
Does this make it easier to run a small business?+6
Protects small businesses from being denied financial services based on political or reputational bias.