Fair Access to Banking Act

# Fair Access to Banking Act Summary **What the bill would do:** The Fair Access to Banking Act would restrict banks, credit unions, and payment card networks from refusing service to customers who follow the law. Currently, these institutions can deny services for various reasons, including reputational concerns. If passed, this bill would only allow them to deny service based on documented, objective financial risk standards that are established beforehand. Banks could not refuse service based on reputation alone, even if they believe a customer's business or activities could harm their public image. **Who it affects and key provisions:** The bill primarily affects financial institutions and their customers.

It would penalize banks and credit unions that violate these rules by restricting their access to federal electronic payment systems, lending programs, and deposit insurance. Customers who believe they've been wrongfully denied banking services could sue financial institutions for damages. This bill addresses concerns that some financial institutions have "debanked" individuals or businesses—refusing them accounts—based on political or social views rather than actual financial risk. **Current status:** HR 987 is currently in committee and has not yet been voted on by the full House. The bill was introduced by Republican Representative Andy Barr of Kentucky in the 119th Congress.