West Virginia 2024 Regular Session

West Virginia Senate Bill SB214

Introduced
1/11/24  

Caption

Fair Access to Financial Services Act

Impact

If enacted, SB214 would significantly alter how financial institutions operate within West Virginia. It prescribes stringent obligations for banks and other financial service providers by restricting the influence of non-financial factors, such as social or political viewpoints, on access to financial products. Financial institutions would be required to adhere strictly to set standards, promoting a more equitable financial landscape while ensuring transparency in their denial of services. The explicit focus on objective criteria could also pave the way for simpler regulatory compliance for both institutions and consumers.

Summary

Senate Bill 214, entitled the 'Fair Access to Financial Services Act', aims to enhance access to financial services for the residents of West Virginia by preventing financial institutions from denying services based on nontraditional criteria. The bill establishes clear definitions regarding financial services and institutions, asserting that access should not be limited unless based on objective, risk-based financial assessments. This legislative move seeks to uphold the rights of individuals and businesses in the financial sphere, reinforcing the notion of financial freedom as a governmental responsibility.

Sentiment

The general sentiment surrounding SB214 appears to be cautiously optimistic among proponents who believe it will foster greater fairness in financial services access. Advocates, including various civil rights groups, argue that the bill is a crucial step toward eradicating discriminatory practices that have historically marginalized certain groups. However, there are also concerns regarding the feasibility of implementing these regulatory measures effectively, as some industry representatives worry about potential unintended consequences on financial discretion and risk management.

Contention

Notable points of contention revolve around the balance between necessary regulation and the operational autonomy of financial institutions. Critics argue that imposing such comprehensive restrictions may lead to increased bureaucracy and could hinder a financial institution's ability to evaluate risk effectively. Furthermore, the potential requirement for disclosures related to nontraditional criteria may expose institutions to operational vulnerabilities or penalties should they fail to comply, raising questions about the practicality of these provisions as they clash with standard business practices.

Companion Bills

No companion bills found.

Previously Filed As

WV SB637

Fair Access to Financial Services Act

WV HB3480

Enact the West Virginia Consumer Financial Privacy Act of 2023

WV HB2004

Prevent the use of payment card processing systems for surveillance of Second Amendment activity and discriminatory conduct

WV SB430

Relating to State Treasurer’s authority to contract with financial institutions for banking goods and services

WV HB2290

Relating to unlawful discriminatory practices in categories covered by the Human Rights Act and the Fair Housing Act

WV HB2266

Adding “sexual orientation” and “gender identity” to the categories covered by the Human Rights Act and WV Fair Housing Act

WV SB182

Prohibiting discriminatory practices by financial institution or government entity against firearms manufacturers

WV HB2073

To establish a state bank of West Virginia

WV SB696

Prohibiting unlawful discriminatory practices covered by Human Rights Act and Fair Housing Act

WV SB466

Prohibiting financial institutions from discriminating against firearms businesses

Similar Bills

CA AB850

Institutional Debt Transparency Act.

TX SB174

Relating to accountability of institutions of higher education, including educator preparation programs, and online institution resumes for public institutions of higher education.

CA AB1344

Private postsecondary education: California Private Postsecondary Act of 2009.

CA AB70

Private postsecondary education: California Private Postsecondary Education Act of 2009.

NJ A5181

Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.

NJ S3566

Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.

NJ A3422

Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.

CA AB3167

California Private Postsecondary Education Act of 2009: highly qualified private nonprofit institution.