S. 4450

119 S4450 IS: Financial Access Protection Act
 U.S. Senate
 2026-04-30
 text/xml
 EN
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 II  119th CONGRESS  2d Session  S. 4450  IN THE SENATE OF THE UNITED STATES   April 30, 2026   Ms. Alsobrooks  introduced the following bill; which was read twice and referred to the  Committee on Banking, Housing, and Urban Affairs    A BILL
To prohibit covered financial institutions from collecting, maintaining, and disclosing information relating to the citizenship status and immigration status of consumers, and for other purposes.
1.
Short title
This Act may be cited as the   Financial Access Protection Act  .
2.
Definitions
In this Act:
(1)
Appropriate Federal banking agency; insured depository institution
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 ).
(2)
Bank Secrecy Act
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).
(3)
Consumer reporting agency
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 ).
(4)
Covered financial institution
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.
(5)
Insured credit union
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 ).
3.
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)
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; 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.