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Subcommittee declines bill to create new state reporting channel for alleged "debanking" complaints
Summary
A proposal to create a state reporting route for alleged 'debanking' was passed by indefinite lay‑over by the subcommittee (motion carried 4‑3). Banking groups said existing federal and state complaint mechanisms already exist; a civil‑liberties group supported creating a reporting channel to collect data.
Delegate Garrett presented a bill to establish a mechanism for Virginians to report allegations that financial institutions had refused service for reasons tied to political views, affiliations or other non‑financial criteria (commonly described in testimony as "debanking"). Garrett said the measure would allow the state Bureau of Financial Institutions (BFI) to collect data on such allegations.
Nut graf: Banking trade groups opposed the proposal, calling…
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