Bill > S563

This bill, the Fair Access to Banking Act, aims to ensure fair access to financial services and fair treatment of customers by financial service providers, including national and state banks, federal savings associations, and state and federal credit unions. The key provisions of the bill include: 1. Prohibiting banks and other covered depository institutions with over $10 billion in assets from using discount window lending programs if they refuse to do business with any person who is in compliance with the law, including the fair access requirements of the bill. 2. Prohibiting payment card networks from prohibiting or inhibiting the ability of any person in compliance with the law, including the fair access requirements, from obtaining access to the network's services or products. 3. Requiring covered banks to make each financial service they offer available to all persons in their geographic market on proportionally equal terms, and not deny any person a financial service unless justified by quantitative, impartial risk-based standards. 4. Providing a private right of action for persons who suffer harm from a covered bank's violation of the fair access requirements, with the potential for treble damages and attorney's fees. The overall intent of the bill is to prevent banks and other financial institutions from denying access to financial services based on subjective, category-based evaluations or political considerations, rather than quantitative, impartial risk-based standards.