Bill > HB2073

This bill introduces new protections against "debanking," which means financial institutions denying or cancelling services to individuals based on certain characteristics or beliefs. The legislation prohibits financial institutions from discriminating against people due to their political opinions, speech, or affiliations, with some nuanced exceptions for religious institutions. The bill specifically prevents financial institutions from using non-quantitative, non-risk-based standards when providing services, and creates a broad list of protected characteristics. These include protection from being denied services based on factors like firearm ownership, engagement in specific industries (such as fossil fuel production), support of immigration enforcement, or failure to meet certain environmental, social governance, or corporate diversity standards. Financial institutions are required to report any known instances of debanking to the Bureau, with a specific carve-out allowing religious institutions to make service determinations based on religious beliefs. The bill effectively aims to prevent financial institutions from discriminating against individuals or businesses based on their political, social, or economic views, and provides a mechanism for reporting such discriminatory practices.