Fair Access to Banking Act
Sponsored By: Senator Kevin Cramer
Introduced
Summary
Guarantees fair, impartial access to basic financial services. This bill would limit when banks, credit unions, and payment networks can refuse to serve a person who is acting lawfully by requiring denials to rest on documented, quantitative, risk-based standards and by creating penalties and a private lawsuit tool for violations.
Show full summary
- Large banks would face limits on Federal Reserve discount window access and Automated Clearing House network use if they refuse to serve lawful customers without objective, pre-established risk reasons. Covered banks are presumed to be those with more than $10.0 billion in assets.
- Payment card networks and credit unions would be barred from blocking access based on political or reputational risk. Card networks face civil penalties up to 10% of the value of affected services or $10,000 per violation.
- Individuals and businesses denied services in violation of the bill would get a private right of action in federal court. Successful plaintiffs could recover attorney fees, costs, and treble damages.
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
New private right to sue banks
If enacted, any person could sue a covered bank or covered credit union in federal court for a fair-access violation. You would not have to go through agency steps first. A winning plaintiff could get reasonable lawyer fees, court costs, and three times the damages.
New fair-access rules for big banks
If enacted, banks with $10 billion or more in assets would usually be treated as "covered banks." Covered banks would have to offer each financial service to people in their market on proportionally equal terms. Banks could only deny service for written, pre-set, quantified risk reasons and could not deny service solely for reputational concerns. A bank at or above $10 billion could try to rebut the covered presumption by sending written materials to the Office of the Comptroller of the Currency.
Card networks banned from political cutoffs
If enacted, payment card networks could not block or limit access for people who follow the law because of political or reputational risk. The Comptroller of the Currency could fine a network up to 10% of the value at issue, but not more than $10,000 per violation.
Sponsors & CoSponsors
Sponsor
Kevin Cramer
ND • R
Cosponsors
Jim Banks
IN • R
Sponsored 2/4/2025
John Barrasso
WY • R
Sponsored 2/4/2025
Marsha Blackburn
TN • R
Sponsored 2/4/2025
John Boozman
AR • R
Sponsored 2/4/2025
Katie Britt
AL • R
Sponsored 2/4/2025
Ted Budd
NC • R
Sponsored 2/4/2025
Shelley Capito
WV • R
Sponsored 2/4/2025
Bill Cassidy
LA • R
Sponsored 2/4/2025
John Cornyn
TX • R
Sponsored 2/4/2025
Tom Cotton
AR • R
Sponsored 2/4/2025
Mike Crapo
ID • R
Sponsored 2/4/2025
Ted Cruz
TX • R
Sponsored 2/4/2025
John Curtis
UT • R
Sponsored 2/4/2025
Steve Daines
MT • R
Sponsored 2/4/2025
Joni Ernst
IA • R
Sponsored 2/4/2025
Deb Fischer
NE • R
Sponsored 2/4/2025
Lindsey Graham
SC • R
Sponsored 2/4/2025
Bill Hagerty
TN • R
Sponsored 2/4/2025
John Hoeven
ND • R
Sponsored 2/4/2025
Cindy Hyde-Smith
MS • R
Sponsored 2/4/2025
Ron Johnson
WI • R
Sponsored 2/4/2025
James Justice
WV • R
Sponsored 2/4/2025
John Kennedy
LA • R
Sponsored 2/4/2025
James Lankford
OK • R
Sponsored 2/4/2025
Cynthia Lummis
WY • R
Sponsored 2/4/2025
Roger Marshall
KS • R
Sponsored 2/4/2025
David McCormick
PA • R
Sponsored 2/4/2025
Jerry Moran
KS • R
Sponsored 2/4/2025
Bernie Moreno
OH • R
Sponsored 2/4/2025
Markwayne Mullin
OK • R
Sponsored 2/4/2025
Pete Ricketts
NE • R
Sponsored 2/4/2025
James Risch
ID • R
Sponsored 2/4/2025
Eric Schmitt
MO • R
Sponsored 2/4/2025
Rick Scott
FL • R
Sponsored 2/4/2025
Tim Scott
SC • R
Sponsored 2/4/2025
Tim Sheehy
MT • R
Sponsored 2/4/2025
Dan Sullivan
AK • R
Sponsored 2/4/2025
Thomas Tillis
NC • R
Sponsored 2/4/2025
Tommy Tuberville
AL • R
Sponsored 2/4/2025
Roger Wicker
MS • R
Sponsored 2/4/2025
Ashley Moody
FL • R
Sponsored 2/6/2025
Jon Husted
OH • R
Sponsored 2/19/2025
Josh Hawley
MO • R
Sponsored 5/8/2025
Chuck Grassley
IA • R
Sponsored 9/30/2025
Roll Call Votes
No roll call votes available for this bill.
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