Financial Access Protection Act
Officially: “Financial Access Protection Act” Read the full text
What it does
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Sec. 1Short title
This section gives the Act its official name, the Financial Access Protection Act. It has no other legal effect.
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1. Short title This Act may be cited as the Financial Access Protection Act .
Sec. 2Prohibition on collection of citizenship or immigration status information
Despite any other law, this section would stop a covered financial institution from collecting or sharing information about a consumer's citizenship or immigration status. A covered financial institution could not require a consumer or prospective consumer to disclose their citizenship or immigration status as a condition of opening, maintaining, or accessing an account or financial service. It also could not request, collect, record, retain, maintain, or otherwise obtain information about a consumer's citizenship or immigration status. And it could not transmit, report, disclose, or otherwise make that information available to any federal agency or other government entity. This section would also stop an appropriate federal banking agency from pushing a covered financial institution toward collecting this information, whether through regulation, rule, order, guidance, supervisory expectation, examination procedure, informal request, or any other means. A federal banking agency could not require or encourage a covered financial institution to collect or maintain citizenship or immigration status information about a consumer, and it could not base a supervisory rating, enforcement decision, approval, or any other regulatory determination on whether the institution collects or reports that information. Each appropriate federal banking agency would be responsible for enforcing this section against the covered financial institutions it oversees. The section defines appropriate Federal banking agency using the meaning already given in section 3 of the Federal Deposit Insurance Act. It defines covered financial institution to include: an insured depository institution as defined in section 3 of the Federal Deposit Insurance Act; an insured credit union as defined in section 101 of the Federal Credit Union Act, or any credit union regulated by the National Credit Union Administration; a consumer reporting agency as defined in section 603 of the Fair Credit Reporting Act; a national bank or Federal savings association supervised by the Office of the Comptroller of the Currency; a State member bank supervised by the Board of Governors of the Federal Reserve System; a State nonmember bank supervised by the Federal Deposit Insurance Corporation; a bank holding company or savings and loan holding company supervised by the Board of Governors of the Federal Reserve System; and a subsidiary or affiliate of any of these that is subject to examination or supervision by a Federal banking agency. Finally, this section would not change or reduce any obligations a covered financial institution has under the Bank Secrecy Act, as that term is defined in section 6003 of the Anti-Money Laundering Act of 2020, and it would not stop a covered financial institution from complying with Federal, State, or local reporting requirements aimed at preventing financial crimes, including money laundering, terrorist financing, and compliance with sanctions.
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2. Prohibition on collection of citizenship or immigration status information (a) In general Notwithstanding any other provision of law, a covered financial institution may not— (1) require a consumer or prospective consumer to disclose their citizenship status or immigration status as a condition of opening, maintaining, or accessing an account or financial service offered by such covered financial institution; (2) request, collect, record, retain, maintain, or otherwise obtain information relating to the citizenship status or immigration status of a consumer; or (3) transmit, report, disclose, or otherwise make available information relating to the citizenship status or immigration status of a consumer available to any Federal agency or other governmental entity. (b) Prohibition on regulatory action No appropriate Federal banking agency may, by regulation, rule, order, guidance, supervisory expectation, examination procedure, informal request, or otherwise— (1) require or encourage a covered financial institution to collect or maintain information regarding the citizenship status or immigration status of a consumer; or (2) condition supervisory ratings, enforcement decisions, approvals, or other regulatory determinations on the collection or reporting of information about the citizenship status or immigration status of a consumer. (c) Enforcement Each appropriate Federal banking agency shall enforce this section with respect to covered financial institutions. (d) Covered financial institution defined In this section: (1) Appropriate Federal banking agency The term appropriate Federal banking agency has the meaning given the term in section 3 of the Federal Deposit Insurance Act. (2) Covered financial institution The term covered financial institution means— (A) an insured depository institution (as such term is defined in section 3 of the Federal Deposit Insurance Act); (B) an insured credit union (as defined in section 101 of the Federal Credit Union Act) or any credit union regulated by the National Credit Union Administration; (C) a consumer reporting agency (as such term is defined in section 603 of the Fair Credit Reporting Act); (D) a national bank or Federal savings association supervised by the Office of the Comptroller of the Currency; (E) a State member bank supervised by the Board of Governors of the Federal Reserve System; (F) a State nonmember bank supervised by the Federal Deposit Insurance Corporation; (G) a bank holding company or savings and loan holding company supervised by the Board of Governors of the Federal Reserve System; and (H) a subsidiary or affiliate thereof that is subject to examination or supervision by a Federal banking agency. (e) Rule of construction Nothing in this section may be construed to— (1) alter or limit the any obligations a covered financial institution has under the Bank Secrecy Act (as such term is defined in section 6003 of the Anti-Money Laundering Act of 2020); or (2) prevent covered financial institutions from complying with Federal, State, or local reporting requirements relating to the prevention of financial crimes including money laundering, terrorist financing, and compliance with sanctions.
Where it is
In the House.