S. 401: Fair Access to Banking Act
A Senate bill (S.) in the 119th U.S. Congress.
Overview
| Congress | 119th U.S. Congress (2025–2026) |
|---|---|
| Type | Senate bill (S.) |
| Originating chamber | Senate |
| Introduced | 2025-02-04 |
| Sponsor | Sen. Cramer, Kevin [R-ND] |
| Policy area | Finance and Financial Sector |
| Cosponsors | 20 |
| Latest action | 2025-02-04 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
| Last updated | 2026-07-28 |
Summary
Official summary (Introduced in Senate, 2025-02-04):
Fair Access to Banking Act
This bill places restrictions on certain banks, credit unions, and payment card networks if they refuse to do business with a person who complies with the law. Restrictions include prohibiting the use of electronic funds transfer systems and lending programs, termination of an institution's depository insurance, and specified civil penalties.
Banks and other specified financial institutions are allowed to deny financial services to a person only if the denial is justified by a documented failure of that person to meet quantitative, impartial, risk-based standards established in advance by the institution. This justification may not be based upon reputational risks to the institution.
The bill establishes the right for a person to bring a civil action for a violation of this bill.
Cosponsors (20)
| Name | Party / state |
|---|---|
| Jim Banks | R IN (original cosponsor) 2025-02-04 |
| John Barrasso | R WY (original cosponsor) 2025-02-04 |
| Marsha Blackburn | R TN (original cosponsor) 2025-02-04 |
| John Boozman | R AR (original cosponsor) 2025-02-04 |
| Katie Boyd Britt | R AL (original cosponsor) 2025-02-04 |
| Ted Budd | R NC (original cosponsor) 2025-02-04 |
| Shelley Moore Capito | R WV (original cosponsor) 2025-02-04 |
| Bill Cassidy | R LA (original cosponsor) 2025-02-04 |
| John Cornyn | R TX (original cosponsor) 2025-02-04 |
| Tom Cotton | R AR (original cosponsor) 2025-02-04 |
| Mike Crapo | R ID (original cosponsor) 2025-02-04 |
| Ted Cruz | R TX (original cosponsor) 2025-02-04 |
| John R. Curtis | R UT (original cosponsor) 2025-02-04 |
| Steve Daines | R MT (original cosponsor) 2025-02-04 |
| Joni Ernst | R IA (original cosponsor) 2025-02-04 |
| Deb Fischer | R NE (original cosponsor) 2025-02-04 |
| Sen. Graham, Lindsey [R-SC] | R SC (original cosponsor) 2025-02-04 |
| Bill Hagerty | R TN (original cosponsor) 2025-02-04 |
| John Hoeven | R ND (original cosponsor) 2025-02-04 |
| Cindy Hyde-Smith | R MS (original cosponsor) 2025-02-04 |
Full text & official record
The official bill text, section-by-section summary, amendments, committee reports, and the complete legislative timeline for S. 401 are published by Congress on congress.gov.
Frequently asked questions
What is S. 401?
S. 401 is a Senate bill (S.) introduced in the 119th U.S. Congress, originating in the Senate. Official title: Fair Access to Banking Act.
Where can I read the full bill text?
The full text, cosponsors, amendments, and legislative status for S. 401 are available on congress.gov.
Bill data: congress.gov API (official congressional records).