The Financial Access Protection Act prohibits banks, credit unions, consumer reporting agencies, and other covered financial institutions from collecting, maintaining, or sharing information about consumers' citizenship or immigration status. The bill prevents these institutions from requiring people to disclose immigration status as a condition of opening or accessing financial accounts and services, and bars federal banking regulators from requiring or encouraging such data collection through regulations or supervisory practices. The legislation applies to a broad range of financial institutions including insured depository institutions, credit unions, and their affiliates that are subject to federal banking agency examination. The bill includes a carve-out to protect the institutions' existing obligations under the Bank Secrecy Act and their ability to comply with anti-money laundering, sanctions, and other financial crime prevention requirements. Federal banking agencies are tasked with enforcing the prohibition against covered institutions.
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