S. 401 explained · 119th Congress · Pending in Congress
Fair Access to Banking Act
Cosponsors: 47 (0 D, 47 R) · per Congress.gov, 2026-10-12
Introduced: 2025-02-04
Latest action (2025-02-04): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
What S. 401 does, in plain terms
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.
Official summary by the Congressional Research Service, via Congress.gov.
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