HB 2073 Virginia House of Delegates · 2025 Regular Session

Financial institutions; discrimination prohibited, penalty.

Summary

Financial institutions; discrimination prohibited; penalty. Prohibits a financial institution from denying or cancelling its services to or otherwise discriminating against a person in making available services on the basis of factors including the person's political opinions, speech, or affiliations and other factors enumerated in the bill. The bill provides that a violation of its provisions constitutes a prohibited practice under the Virginia Consumer Protection Act.

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

Governor

Introduced Jan 7, 2025 Last action Feb 5, 2025

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What changed between versions

Introduced → HLC Sub: Subcommittee #1 Substitute · 5 edits

MODERATE

The bill was amended from an introduction of new anti-discrimination protections for financial institutions to a substitute version that significantly narrows the scope. The original version prohibited financial institutions from discriminating against customers based on political, religious, and various other factors, while the substitute version focuses primarily on defining 'debanking' and requiring financial institutions to report instances of debanking to a state bureau. The substitute version removes the broad prohibitions on discrimination and instead creates a reporting requirement.

Scope change

The bill's scope changed from a broad prohibition on financial institution discrimination to a narrower focus on defining debanking and requiring reporting of debanking incidents to the state Bureau.

REQUIREMENT

Removed the broad prohibition preventing financial institutions from denying services based on political opinions, religious beliefs, environmental standards, social governance standards, and other protected factors.

Added a requirement for financial institutions to report any occurrence or allegation of debanking to the state Bureau when they know or have reason to know of such incidents.

DEFINITION

Changed the section title from 'Discrimination prohibited; penalty' to 'Debanking; reporting required' and added a specific definition for 'debanking'.

ENFORCEMENT

Removed the provision that made violations of the anti-discrimination rules a prohibited practice under the Virginia Consumer Protection Act with associated enforcement penalties.

SCOPE

Narrowed the bill's applicability from protecting customers from discrimination to focusing on transparency and reporting of financial institutions' decisions to deny services.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Jan 21, 2025

Lower · Passed

Subcommittee recommends passing by indefinitely (4-Y 3-N)

lower

Jan 14, 2025

Committee

Assigned L & C sub: Subcommittee #1

lower

Jan 7, 2025

Committee

Referred to Committee on Labor and Commerce

lower

1 primary · 0 co-sponsors