The Fair Access to Banking Act aims to ensure fair access to financial services for lawful businesses.
The Fair Access to Banking Act seeks to ensure that lawful businesses have fair access to financial services. It prohibits banks with over $10 billion in assets from denying services based on political or reputational risks. Banks must provide services on impartial, risk-based criteria and justify denials in writing. The act also prevents these banks from using taxpayer-funded discount window lending programs if they deny services to compliant businesses. It allows banks to rebut the presumption of being a covered bank by demonstrating they do not meet the criteria.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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