Big banks and credit unions could be penalized for unfairly denying services to lawful businesses.
This bill aims to stop large financial institutions and payment networks from denying services to lawful businesses based on political views or reputation. If passed, it would require these institutions to justify denials with clear, impartial reasons. Otherwise, they risk losing access to key government programs, like emergency loans from the Federal Reserve or the electronic payments system. People who are unfairly denied services could also sue for triple damages.
Currently, financial institutions can deny services based on subjective reasons like a customer's business type or political views, often without losing access to government-backed programs. If this bill passes, certain large banks, credit unions, and payment networks would be prohibited from such denials. Or, they would lose access to emergency loans from the Federal Reserve and the electronic payments system. They would also need to provide written, impartial justifications for any service denial, and individuals could sue for triple damages.
HR 987 · 119th Congress · February 5, 2025 · AI Summary by gemini-2.5-flash · 9/10
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19 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.