Financial Access Protection Act
Sponsored By: Representative Torres, Ritchie [D-NY-15]
Introduced
Summary
Bars banks and other covered financial institutions from asking for, keeping, or sharing consumers' citizenship or immigration status. It would also stop federal banking regulators from pressuring institutions to collect or report that information.
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- Consumers and immigrant households: People could open, keep, and use accounts without being required to disclose citizenship or immigration status.
- Covered institutions: Applies to banks, credit unions, consumer reporting agencies, bank holding companies, savings and loan holding companies, and their supervised affiliates. These entities would be barred from requesting, recording, retaining, or transmitting status information.
- Regulators and supervision: Appropriate federal banking agencies could not condition supervisory ratings, approvals, or enforcement actions on collecting or reporting citizenship or immigration status.
- Compliance and enforcement: The law would preserve Bank Secrecy Act and anti-money laundering and sanctions reporting duties, and each relevant federal banking agency would enforce the ban for the institutions it supervises.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Banks would stop asking immigration status
If enacted, the bill would stop covered banks and financial firms from requiring consumers to give their citizenship or immigration status. It would bar firms from asking, collecting, recording, keeping, or sharing that information with any government agency. The bill would also stop federal banking regulators from ordering or pressuring firms to collect or report that status. Covered firms would include banks, credit unions, consumer reporting agencies, holding companies, and supervised affiliates. Enforcement would be done by the appropriate federal banking agency as defined in the Federal Deposit Insurance Act. This would not change obligations to fight money laundering, terrorist financing, or to comply with sanctions and crime-reporting rules.
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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