The Financial Access Protection Act would prohibit banks, credit unions, and consumer reporting agencies from collecting, keeping, or sharing information about customers' citizenship or immigration status. Financial institutions could not require consumers to disclose this information as a condition of opening or maintaining accounts, and federal banking regulators could not encourage or require banks to gather such data. The bill applies to all insured depository institutions, credit unions, national banks, and their subsidiaries. The legislation includes an exception that preserves banks' existing obligations under anti-money laundering laws and financial crime prevention requirements, meaning institutions could still share information when legally required for purposes like preventing terrorism financing or sanctions violations.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.