Latest action: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Referred to one or more standing committees for review, hearings, and possible markup.
Specific committees not parsed from action data.
The committee may hold hearings, amend the bill, or let it die without action.
Next: Reported
Full chamber floor — Speaker / Majority Leader controls scheduling
Requires companies to verify customer identity for financial accounts and transactions.
The problem
Financial institutions may struggle to prevent fraud, money laundering, and identify criminals without standardized customer verification procedures across all banking services.
The proposal
Banks and financial companies must implement customer identification procedures to verify who people are before opening accounts or processing large transactions.
The impact
Banks, customers, and financial service providers face new compliance requirements. Individuals may experience longer account opening times and need more identification documents.
Stronger identity verification makes it harder for criminals to use fake accounts. This protects legitimate customers from unauthorized transactions and identity theft.
Knowing customer identities helps authorities track illegal money flows. This can disrupt criminal and terrorist financing networks.
Customer verification helps prevent bad actors from moving money through the financial system. This strengthens security against foreign threats and criminal organizations.
All financial companies must follow the same rules. This prevents some banks from having weaker security than others.
Implementing new verification systems requires spending on technology and staff training. These costs may be passed to customers through higher fees.
Stricter verification takes more time, delaying when customers can access accounts. This frustrates people who need fast banking services.
Banks collecting and storing more identification information increases data breach risks. Personal information could be exposed to hackers.
Homeless individuals and undocumented immigrants may lack required identification. This limits their access to banking services.
Generated by AI from the bill text. Not a prediction and not legal or policy advice. The percentage is the model's own rating of each item — self-reported, and not a measure of how accurate it is.
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Individual contributions, grouped by employer · FEC
Where their individual donors work · 2026 cycle
Money from people who work there, not from the company. Not tied to this bill.
Itemized individual contributions via FEC, grouped by the employer each contributor self-reported. Companies and unions cannot contribute to federal candidates from their treasuries, so these totals are money from people who work at an employer — never from the organization itself. They are campaign contributions covering a full election cycle and are not connected to this bill.
Senate LDA lobbying disclosures
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