Legislation seeks to address discrimination among financial institutions

U.S. Sens. Sherrod Brown (D-OH) and Cory Booker (D-NJ) joined 17 colleagues in reintroducing the Fair Access to Financial Services Act, which would prohibit banks and other financial institutions from discrimination in providing goods or services.

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The measure addresses discrimination based on race, color, religion, national origin, sex, gender identity, or sexual orientation.

“Too many Black and brown Americans experience racial profiling and unequal treatment when trying to access services at banks and other financial institutions and don’t have anywhere to turn to hold financial institutions accountable,” said Brown, chairman of the Senate Committee on Banking, Housing, and Urban Affairs. “Our legislation explicitly outlaws discrimination in our nation’s financial system so that everyone can access financial services free from harassment and abuse.”

The bill ensures all people receive equal treatment when attempting to access services at financial institutions and holds the institutions accountable for discriminatory practices.

“For far too long, Black and Brown people have faced significant barriers to access to financial services at banks and other financial institutions, including racial profiling, harassment, and abuse,” Booker said. “It is time to right these wrongs. I am pleased to join my colleagues on this crucial legislation to hold financial institutions accountable for their unjust practices and ensure that all Americans have equal access to financial services without fear of discrimination.”

The legislation has been endorsed by organizations that include the National Urban League, the Leadership Conference on Civil and Human Rights, the Center for Responsible Lending, and the National Community Reinvestment Coalition.