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Bill > HR1729


US HR1729

US HR1729
Fair Access to Banking Act


summary

Introduced
03/10/2021
In Committee
03/10/2021
Crossed Over
Passed
Dead
01/03/2023

Introduced Session

117th Congress

Bill Summary

A BILL To amend the Federal Reserve Act to prohibit certain finan- cial service providers who deny fair access to financial services from using taxpayer funded discount window lending programs, and for other purposes.

AI Summary

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 banks and credit unions. The key provisions are: 1. Banks with over $10 billion in assets are prohibited from using taxpayer-funded discount window lending programs if they deny fair access to financial services to any person in compliance with the law. 2. Payment card networks are prohibited from prohibiting or inhibiting the ability of any person in compliance with the law to access their services or products due to political or reputational risk considerations. 3. Credit unions are prohibited from refusing to do business with any person in compliance with the law. 4. Banks with over $10 billion in assets are prohibited from denying financial services to any person based on factors other than quantitative, impartial risk-based standards, and must provide written justification for any denials. The bill also provides a private right of action for persons denied fair access to financial services, with the ability to recover reasonable attorney's fees, costs, and treble damages.

Committee Categories

Business and Industry

Sponsors (83)

Andy Barr (R)* Rick Allen (R),  Mark Amodei (R),  Kelly Armstrong (R),  Don Bacon (R),  Jack Bergman (R),  Stephanie Bice (R),  Dan Bishop (R),  Mike Bost (R),  Ken Buck (R),  Larry Bucshon (R),  Tim Burchett (R),  Ken Calvert (R),  Kat Cammack (R),  Mike Carey (R),  Buddy Carter (R),  James Comer (R),  Rick Crawford (R),  Rodney Davis (R),  Scott DesJarlais (R),  Byron Donalds (R),  Tom Emmer (R),  Ron Estes (R),  Pat Fallon (R),  Drew Ferguson (R),  Scott Franklin (R),  Russ Fulcher (R),  Lance Gooden (R),  Paul Gosar (R),  Morgan Griffith (R),  Michael Guest (R),  James Hagedorn (R),  Andy Harris (R),  Vicky Hartzler (R),  Jody Hice (R),  Ashley Hinson (R),  Richard Hudson (R),  Bill Huizenga (R),  Darrell Issa (R),  Ronny Jackson (R),  Christopher Jacobs (R),  Dusty Johnson (R),  John Joyce (R),  Fred Keller (R),  Trent Kelly (R),  Doug Lamborn (R),  Jake LaTurner (R),  Lisa McClain (R),  David McKinley (R),  Dan Meuser (R),  Carol Miller (R),  Mary Miller (R),  John Moolenaar (R),  Alex Mooney (R),  Barry Moore (R),  Blake Moore (R),  Dan Newhouse (R),  Ralph Norman (R),  Scott Perry (R),  August Pfluger (R),  Bill Posey (R),  Guy Reschenthaler (R),  Hal Rogers (R),  Mike Rogers (R),  John Rose (R),  David Rouzer (R),  John Rutherford (R),  Austin Scott (R),  Pete Sessions (R),  Mike Simpson (R),  Adrian Smith (R),  Victoria Spartz (R),  Pete Stauber (R),  Elise Stefanik (R),  Greg Steube (R),  William Timmons (R),  Jackie Walorski (R),  Michael Waltz (R),  Brad Wenstrup (R),  Roger Williams (R),  Joe Wilson (R),  Rob Wittman (R),  Don Young (R), 

Last Action

Referred to the House Committee on Financial Services. (on 03/10/2021)

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