This bill, the Fair Access to Banking Act, would change several federal banking laws to limit when large banks, credit unions, and payment networks can cut off customers. It sets a $10,000,000,000 asset threshold as the main line for larger institutions. Covered banks would have to make the financial services they offer available on proportionally equal terms in their markets. Banks could not deny services to a person unless the denial is based on documented, quantitative, impartial risk standards set in advance, and they must give a written explanation when denying services. Denials may not be based solely on reputational risk. Payment card networks could not block access because of political or reputational risk and could face civil penalties administered by the Comptroller of the Currency. The bill also bars covered large banks or their subsidiaries that refuse to do business with persons who are in compliance with applicable rules from using Federal Reserve discount window lending, the Automated Clearing House network, and certain other services. The bill creates a private civil right allowing people harmed by violations to sue covered banks and seek attorney's fees and treble damages.
No publicly available information in the bill text about costs, budgetary estimates, or fiscal effects.
The bill's findings and purposes state that supporters want to ensure people engaged in activities lawful under applicable rules have fair access to financial services, prevent banks from acting as de facto regulators by denying services for political reasons, and require banks to use impartial, empirical, risk-based standards. The sponsors say large banks enjoy taxpayer support and privileges and should not deny access based on subjective or category-based judgments.
No publicly available information in the bill text about opposition views or counterarguments.