S. 401In Committee
Fair Access to Banking Act
Restricts certain banks, credit unions, and payment card networks from denying lawful customers financial services unless the denial is based on documented, impartial, risk-based standards rather than reputational risk
Plain-English overview
What this bill does
Restricts certain banks, credit unions, and payment card networks from denying lawful customers financial services unless the denial is based on documented, impartial, risk-based standards rather than reputational risk
Key points
- Establish civil actions for violations
- Prohibit unjustified service denials
- Limit denials to risk based standards
Current status
Where it stands
Status
In Committee
Latest action
2025-02-04 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related context
Topics and policy areas
undefinedFinance and Financial Sector