WASHINGTON – U.S. Senator Kevin Cramer (R-ND), a member of the Senate Banking Committee, joined Senator Ted Cruz (R-TX) in introducing the Financial Institution Customer Protection Act, a bill which prohibits federal regulators from arbitrarily forcing banking institutions to terminate their relationships with legal businesses solely because the operations of the businesses are not in line with the views of the contemporaneous administration.

“Federal banking agencies should be servants of the American people, not political henchmen for whichever party holds the White House,” said Senator Cramer. “Our bill protects consumers access to financial services and prevents financial institutions from undue political pressure by the federal government.”  

The bill prohibits a federal banking agency from formally or informally suggesting, requesting, or ordering a depository institution to terminate either a specific customer account, or group of customer accounts, or otherwise restrict or discourage it from entering into or maintaining a banking relationship with a specific customer or group of customers, unless:

  • The agency has a material reason to do so, and
  • The reason is not based solely on reputation risk to the institution.

Learn more here.

Senator Cramer has been working on the issue of banking discrimination since joining the Senate. Last month, Senator Cramer introduced the Fair Access to Banking Act, a bicameral bill with over 30 supporters in the Senate which would protect fair access to financial services and ensure providers operate in a safe and sound manner. It builds off the Trump Administration’s Fair Access Rule and the Freedom Financing Act which Senator Cramer introduced last Congress. Learn more here.

Senators Cramer and Cruz are joined on the bill by Senators Mike Crapo (R-ID), Thom Tillis (R-NC), Jim Inhofe (R-OK), Mike Braun (R-IN), and John Cornyn (R-TX).

Click here to read the bill.