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Senate passes bill banning 'de‑banking' by large institutions
Summary
The Idaho Senate passed Senate Bill 10‑27, the Idaho Transparency in Financial Services Act, prohibiting certain large financial institutions and payment processors from closing accounts for reasons tied to political, religious or other protected beliefs and requiring notice and explanations.
Boise — The Idaho Senate on March 3 passed Senate Bill 10‑27, the Idaho Transparency in Financial Services Act, which sponsors said will prohibit large financial institutions and payment processors from closing or refusing accounts for reasons tied to customers’ political or religious beliefs and will require affected customers to receive an explanation.
Senator Grant Grantham, the bill sponsor, told colleagues the measure protects Idahoans from losing access to “basic financial services” and described instances of what he called “debanking,” where large banks have closed…
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