Fair Access to Banking Act

Senate Bill

S. 401

119th Congress

Fair Access to Banking Act

In Committee

Introduced:Feb 4, 2025

Primary Sponsor

Kevin Cramer

Senator

Republican

ND

Cosponsors

45

Quick Stats

Policy Area

Finance and Financial Sector

Summary

This bill prevents banks and financial institutions from denying services to lawful businesses based on political or social views. Banks could only refuse service based on documented, quantifiable risk factors - not reputational concerns about a customer industry or beliefs.

Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

AI Summary

Plain-English explanation of this bill

This bill prevents banks and financial institutions from denying services to lawful businesses based on political or social views. Banks could only refuse service based on documented, quantifiable risk factors - not reputational concerns about a customer industry or beliefs.

Last updated: 1/5/2026

Official Summary

Congressional Research Service 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.

Key Points

Main provisions of the bill

Prohibits banks from denying services to legal businesses based on politics
Requires documented risk-based standards for service denials
Bars consideration of reputational risk in banking decisions
Applies to banks, credit unions, and payment networks
Creates private right of action for affected businesses

How This Impacts Americans

Potential effects on citizens and communities

Gun dealers, fossil fuel companies, and other politically controversial but legal industries would have stronger protections against being de-banked. Critics worry it could force banks to serve high-risk clients. Supporters say it prevents financial discrimination based on ideology rather than creditworthiness.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

401, 119th Congress (2025). "Fair Access to Banking Act". Source: Voter's Right Platform. https://votersright.org/bills/118-s-401