Financial Access Protection Act

The terms appropriate Federal banking agency and insured depository institution have the meanings given the terms in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).

The term Bank Secrecy Act has the meaning given the term in section 6003 of the Anti-Money Laundering Act of 2020 (31 U.S.C. 5311 note).

The term consumer reporting agency has the meaning given the term in section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a).

The term covered financial institution means—

(A) an insured depository institution;

(B) an insured credit union or any credit union regulated by the National Credit Union Administration;

(C) a consumer reporting agency;

(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.

The term insured credit union has the meaning given the term in section 101 of the Federal Credit Union Act (12 U.S.C. 1752).

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.

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.

Each appropriate Federal banking agency shall enforce this section with respect to covered financial institutions.

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; 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, compliance with sanctions.