Fair Access to Banking Act

Hozzl · 2025-03-05T05:23:23Z

Explore the details of House Bill 987 Fair Access to Banking Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

3/5/2025, 5:23 AM

Summary of Bill HR 987

Bill 119 HR 987 aims to make changes to banking laws in order to prevent financial service providers from denying fair access to financial services. Specifically, the bill seeks to prohibit these providers from utilizing taxpayer-funded discount window lending programs. The discount window lending programs are designed to provide short-term loans to financial institutions in need of liquidity.

By denying fair access to financial services, these providers are essentially discriminating against certain individuals or groups, which can have negative impacts on the overall economy. This bill aims to address this issue by ensuring that all financial service providers are held accountable for their actions and are not able to benefit from taxpayer-funded programs if they engage in discriminatory practices.

Overall, the goal of Bill 119 HR 987 is to promote fairness and equality within the financial services industry and to prevent any form of discrimination that may hinder individuals or groups from accessing the financial services they need.

Congressional Summary of HR 987

Fair Access to Banking Act

This bill places restrictions on certain banks, credit unions, and payment card networks if they refuse to do business with a person who complies with the law. Restrictions include prohibiting the use of electronic funds transfer systems and lending programs, termination of an institution's depository insurance, and specified civil penalties.

Banks and other specified financial institutions are allowed to deny financial services to a person only if the denial is justified by a documented failure of that person to meet quantitative, impartial, risk-based standards established in advance by the institution. This justification may not be based upon reputational risks to the institution.

The bill establishes the right for a person to bring a civil action for a violation of this bill.

Read the Full Bill

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Current Status of Bill HR 987

Bill HR 987 is currently in the status of Bill Introduced since February 5, 2025. Bill HR 987 was introduced during Congress 119 and was introduced to the House on February 5, 2025. Bill HR 987's most recent activity was Referred to the House Committee on Financial Services. as of February 5, 2025

Bipartisan Support of Bill HR 987

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

160

Democrat Cosponsors

Republican Cosponsors

160

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 987

Primary Policy Focus

Alternate Title(s) of Bill HR 987

To amend certain banking laws to prohibit certain financial service providers who deny fair access to financial services from using taxpayer funded discount window lending programs, and for other purposes.