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119-hr-8643119th CongressWALLET

Financial Access Protection Act

Sponsored By: Representative Torres, Ritchie [D-NY-15]

Introduced

Summary

Prohibits banks and other covered financial institutions from requiring, collecting, or sharing a customer's citizenship or immigration status. This bill would bar firms from asking for or keeping that information as a condition of opening, maintaining, or accessing accounts, and it would stop regulators from conditioning supervisory actions on collecting that data.

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  • Consumers and immigrant households: Would not have to disclose citizenship or immigration status to open or use bank accounts or other financial services.
  • Financial institutions: Applies to insured banks, credit unions, consumer reporting agencies, bank holding companies, and supervised affiliates. Those entities would be banned from requesting, recording, retaining, or transmitting citizenship or immigration status information.
  • Federal banking agencies: Could not require or encourage collection of citizenship or immigration status or tie supervisory ratings, enforcement decisions, or approvals to such collection. Agencies are assigned responsibility to enforce these limits.
  • Anti-money laundering and sanctions reporting: The bill preserves obligations under the Bank Secrecy Act and allows reporting needed to prevent money laundering, terrorist financing, and sanctions violations.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 2 benefits, 0 costs, 0 mixed.

Banks can't ask your immigration status

If enacted, covered banks, credit unions, consumer reporting agencies, bank holding companies, and their supervised affiliates would be banned from asking you for your citizenship or immigration status to open, keep, or use an account. They would be barred from requesting, collecting, recording, retaining, or sharing that information with federal or other government entities. The bill would define which firms are "covered financial institutions" (for example, insured depository institutions, credit unions, national and state banks, consumer reporting agencies, holding companies, and supervised affiliates). The bill would preserve banks' duties under the Bank Secrecy Act and allow reporting to prevent money laundering, terrorist financing, and sanctions violations. These rules would take effect upon enactment.

Regulators can't force status checks

If enacted, the bill would prohibit any appropriate Federal banking agency from requiring or encouraging covered financial institutions to collect or maintain citizenship or immigration status. It would also bar conditioning supervisory ratings, enforcement decisions, approvals, or other regulatory actions on such collection. The bill would assign enforcement of these requirements to each appropriate Federal banking agency. These rules would take effect upon enactment.

Sponsors & CoSponsors

Sponsor

Torres, Ritchie [D-NY-15]

NY • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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