Financial Access Protection Act

Key Points

• This bill stops banks, credit unions, and credit reporting agencies from asking people about their citizenship or immigration status. It would prevent these companies from using that information to decide who can open or keep a bank account.
• Financial companies would be banned from sharing a customer's immigration status with any federal agency or government office. This aims to protect the privacy of people who might otherwise be afraid to use official banking services.
• Government regulators would also be blocked from pressuring banks to collect this data. They could not use a bank's lack of immigration data as a reason to give them a bad rating or take legal action against them.
• The bill does not change existing laws meant to stop money laundering or terrorism. Banks would still have to follow rules that help catch financial crimes, but they would do so without focusing on a person's citizenship status.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.