S401119th CongressWALLET

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.

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.

View on Congress.gov

Related Bills

Back to Legislation

Take It Personal

Get Your Personalized Policy View

Create a free account to save research, track policy impacts, and unlock your personalized versions of these pages.

Already have an account? Sign in