Tim Scott unveils bill targeting debanking

Tim Scott introduces Senate bill to address debanking over 'reputational risk'

New legislation in the Senate aims to address regulatory language that has prompted financial institutions to debank clients involved in certain industries.Senate Banking Committee Chairman Tim Scott, R-S.C., introduced a bill known as the Financial Integrity and Regulation Management (FIRM) Act, which would eliminate references to reputational risk as a measure used to determine the safety and soundness of a financial institution.The legislatio…

Debanking needs a federal solution

Debanking is a maddening process that presents significant financial hardship to its victims. A banking customer is returned their banked money and told their accounts are closed. No reasons are provided nor is there an appeals process. Customers are left…

Tim Scott unveils bill targeting debanking

Senate Banking Committee Chair Tim Scott (R-S.C.) unveiled legislation Thursday taking aim at debanking.   Debanking — the closure of accounts that banks consider risky, often with little notice or explanation — has become a key issue for Republicans, particularly as the cryptocurrency industry argues it has been unfairly targeted.  Scott’s Financial Integrity and Regulation…

US Senators Take on Debanking as Top Priority With New Legislation – Regulation Bitcoin News

U.S. senators are pushing to end politically motivated debanking, arguing regulators have misused their authority. The FIRM Act aims to ensure fair financial access. US Senators Demand Action on Debanking—Is This the End of Political Banking? The U.S. Senate Committee on Banking, Housing, and Urban Affairs announced on March 6 that Chairman Tim Scott (R-S.C.) […]

GOP Introduces Legislation to Stop Crypto Companies and 'High-Risk' Industries from Being Debanked

The Republican party’s latest legislation seeks to put a stop to the debanking practices targeting cryptocurrency firms and other high-risk sectors. The bill is aimed at protecting the ability of such businesses to access financial services without discrimination or prejudice. The proposed legislation comes in response to a growing trend of banks and financial institutions deplatforming or debanking companies operating in industries deemed risky…

Just In: US Senator Tim Scott Introduces Bill To End Debanking Practices

U.S. Senator Tim Scott (R-S.C.) has introduced new legislation aimed at addressing the growing issue of debanking practices in the country. The Financial Integrity and Regulation Management Act, or FIRM Act, seeks to eliminate the use of reputational risk as a metric for regulating financial institutions. This move is part of Tim Scott’s ongoing efforts to curb the use of federal banking agencies to push political agendas and restrict access to …