summary
Introduced
02/07/2023
02/07/2023
In Committee
02/07/2023
02/07/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To amend the Federal Reserve Act to prohibit certain financial 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. It prohibits certain large banks, credit unions, and payment card networks from denying financial services to persons who are in compliance with the law, based on political or reputational risk considerations. The bill requires covered banks to make their financial services available on proportionally equal terms, justify denials of services based on quantitative, impartial risk-based standards, and provide written justification for such denials. It also allows persons harmed by violations of the Act to file civil actions against covered banks and credit unions, with the potential for treble damages.
Committee Categories
Housing and Urban Affairs
Sponsors (37)
Kevin Cramer (R)*,
John Barrasso (R),
Marsha Blackburn (R),
John Boozman (R),
Katie Boyd Britt (R),
Mike Braun (R),
Shelley Moore Capito (R),
Bill Cassidy (R),
John Cornyn (R),
Tom Cotton (R),
Mike Crapo (R),
Ted Cruz (R),
Steve Daines (R),
Joni Ernst (R),
Deb Fischer (R),
Lindsey Graham (R),
Bill Hagerty (R),
John Hoeven (R),
Cindy Hyde-Smith (R),
Ron Johnson (R),
John Neely Kennedy (R),
James Lankford (R),
Cynthia Lummis (R),
Roger Marshall (R),
Jerry Moran (R),
Markwayne Mullin (R),
Pete Ricketts (R),
Jim Risch (R),
Marco Rubio (R),
Eric Schmitt (R),
Rick Scott (R),
Tim Scott (R),
Dan Sullivan (R),
Thom Tillis (R),
Tommy Tuberville (R),
J.D. Vance (R),
Roger Wicker (R),
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 02/07/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/senate-bill/293/all-info |
| BillText | https://www.congress.gov/118/bills/s293/BILLS-118s293is.pdf |
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