Financial Access Protection Act

The Financial Access Protection Act prohibits covered financial institutions from requiring customers to disclose their citizenship or immigration status to open or maintain an account. This law also bars federal banking regulators from forcing these institutions to collect such information or using compliance with these rules as a condition for regulatory approval. The bill applies to a wide range of entities, including banks, credit unions, and consumer reporting agencies, while explicitly preserving their existing obligations to report suspicious financial activity related to money laundering and terrorism.