Fair Access to Banking Act
Rep. Barr Introduces Fair Access to Banking Act to Stop Banks From Cutting Off Legal Businesses
The Fair Access to Banking Act was recently introduced and is currently being reviewed by the House Committee on Financial Services. It is in the early stages of the lawmaking process and is considered active. There are no upcoming votes scheduled for this bill at this time.
Passage Likelihood
Legislative Progress
Key Points
- Large banks with over $50 billion in assets would be required to serve all legal businesses using objective, math-based risk standards. They could no longer refuse service based on political opinions, social pressure, or dislike of a customer's lawful industry.
- Banks that refuse to serve lawful businesses could lose access to the Federal Reserve's discount window lending programs and be blocked from using the Automated Clearing House (ACH) Network, which is the system banks use to move money electronically.
From policy text
“No member bank with more than $50,000,000,000 in total consolidated assets, or subsidiary of the member bank, may use a discount window lending program if the member bank or subsidiary refuses to do business with any person who is in compliance with the law”
View in full text - Payment card networks like Visa and Mastercard would be banned from blocking legal businesses based on political or reputational risk. Violations could result in civil penalties of up to $10,000 per incident.
From policy text
“No payment card network, including a subsidiary of a payment card network, may, directly or through any agent, processor, or licensed member of the network, by contract, requirement, condition, penalty, or otherwise, prohibit or inhibit the ability of any person who is in compliance with the law”
View in full text - Business owners who are unfairly denied banking services can sue the bank directly in federal court without needing to go through any government agency first. Winners would receive triple damages plus legal fees.
From policy text
“a person may commence a civil action in the appropriate district court of the United States against any covered bank that violates or fails to comply with the requirements under this Act, for harm that person suffered as a result of such violation”
View in full text - When a bank denies service, it must give the customer a written explanation with specific reasons, including any laws it believes the customer is breaking. The bank cannot base its denial solely on reputational risk.
From policy text
“shall, when denying any person financial services the covered bank offers, provide written justification to the person explaining the basis for the denial, including any specific laws or regulations the covered bank believes are being violated by the person or customer, if any”
View in full text
Impact Analysis
Personal Impact
Milestones
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
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This report identifies 'fair access' as a key legislative battle for 2026, highlighting the Ensuring Fair Access to Banking Act. It discusses efforts by Senators Tillis and Cramer to establish a federal standard prohibiting banks from denying services for non-business related reasons.
Trump says JPMorgan, Bank of America rejected his deposits
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Source Information
Document Type
Congressional Bill
Official Title
Fair Access to Banking Act
Data Sources
Sponsor
Cosponsors
(91)Analysis generated by AI. Always verify with official sources.