S 293 · 118th Congress 2023–2025, ended

Fair Access to Banking Act

Introduced Feb 7, 2023 Originated Senate Sponsor Kevin Cramer R-ND

Fact sheet

Latest action · Feb 7, 2023 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedFeb 7, 2023
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Fair Access to Banking Act

This bill places restrictions on certain banks, credit unions, and payment card networks if they refuse to do business with a person who complies with the law. Restrictions include prohibiting the use of electronic funds transfer systems and lending programs, termination of an institution's depository insurance, and specified civil penalties.

Banks and other specified financial institutions are allowed to deny financial services to a person only if the denial is justified by a documented failure of that person to meet quantitative, impartial, risk-based standards established in advance by the institution. This justification may not be based upon reputational risks to the institution.

The bill establishes the right for a person to bring a civil action for a violation of this bill.

Cosponsors 36

Members who signed on, in the order they did. All signed on Feb 7, 2023.

SeatCosponsorSigned on
R-LABill CassidyOriginalFeb 7, 2023
R-TNBill HagertyOriginalFeb 7, 2023
R-MSCindy Hyde-SmithOriginalFeb 7, 2023
R-WYCynthia M. LummisOriginalFeb 7, 2023
R-AKDan SullivanOriginalFeb 7, 2023
R-NEDeb FischerOriginalFeb 7, 2023
R-MOEric SchmittOriginalFeb 7, 2023
R-OHJ. D. VanceOriginalFeb 7, 2023
R-IDJames E. RischOriginalFeb 7, 2023
R-OKJames LankfordOriginalFeb 7, 2023
R-KSJerry MoranOriginalFeb 7, 2023
R-WYJohn BarrassoOriginalFeb 7, 2023
R-ARJohn BoozmanOriginalFeb 7, 2023
R-TXJohn CornynOriginalFeb 7, 2023
R-NDJohn HoevenOriginalFeb 7, 2023
Show all 36 cosponsors

Actions 2

Everything that happened, newest first.

  1. Feb 7, 2023Introduced in Senate
  2. Feb 7, 2023Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Related bills 1

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
HR 2743Fair Access to Banking ActRelated billApr 20, 2023

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

  1. Feb 7, 2023Introduced in Senate

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.