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S. 401: Fair Access to Banking Act

119th Congress · introduced 2025-02-04 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

What does this mean?

Official title

Fair Access to Banking Act

Plain 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.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

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What does this mean? (plain words)

Official text

Fair Access to Banking Act

Source: Congressional Research Service summary (Introduced in Senate)

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Officials and money

Sponsor: Sen. Cramer, Kevin [R-ND] · 47 cosponsors

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Words on this page, explained (1)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong119-s401 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills