Protecting Lawful Businesses from Political Bias in Access to Banking Services.
This law aims to prevent large banks (over $10 billion in assets) from denying financial services to lawful businesses based on political or reputational bias. Banks that engage in such discrimination will lose access to taxpayer-funded federal lending programs. Individuals and businesses denied access gain the right to sue the bank and seek treble damages.
Key points
Large financial institutions must evaluate customers based on objective, quantitative financial risk standards, not subjective political or industry prejudices.
Banks that deny services to lawful businesses for non-financial reasons will be barred from using federal financial aid programs (like the Federal Reserve discount window).
Denied customers must receive a written explanation, and harmed parties can pursue civil action for up to triple the damages suffered.
Status:
Expired
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