Gov. Ron DeSantis has signed legislation giving bank customers who believe they've been discriminated against based on their political affiliations a way to file complaints against the financial institution.
The measure (HB 989) also includes several provisions important to Chief Financial Officer Jimmy Patronis and his Department of Financial Services.
But DeSantis said cracking down on discrimination by banks against customers for political viewpoints was critically important.
He pointed to Moms for Liberty, the nationwide advocacy group behind removing many LGBTQ-themed books from schools, which saw their PayPal account frozen for a brief period in 2022. DeSantis also mentioned the National Committee for Religious Freedom, an advocacy group, which had their account frozen by Chase Bank in 2022. Chase denied it was discriminating against the conservative group.
Florida banned the practice of "debanking" customers over political viewpoints last year, but no complaint process was set up to follow through on an alleged violation. The bill establishes a way to file a complaint, which will trigger an investigation.
"There's now going to be a more robust process for people who have been in this situation," DeSantis said during a bill signing event at a Vystar Credit Union in Jacksonville. "So if you own a firearm store ... and they just cut you off you have recourse here in this piece of legislation."
"They want to be able to use their commanding position in our society to twist it in the direction they want to do," DeSantis added.
Vystar, which is headquartered in Jacksonville, could stand to gain from another provision in the bill allowing credit unions to accept deposits from state and local governments. Current law prevents credit unions from accepting public deposits, which go instead to banks.
"It didn't really make sense why you wouldn't really want more options?" DeSantis said. "This bill ends that artificial barrier."
The issue was heavily debated and lobbied during the Regular Session. Banks opposed the measure, arguing that the nonprofit status of credit unions allows them to be taxed at much lower rates than the for-profit banks, giving them an unfair advantage.
The original standalone bill advanced in the House (HB 611) but the Senate version (SB 1018) wasn't heard in that chamber. Instead, the measure was slipped into HB 989, a larger financial bill, on the second-to-last day of the Regular Session.
"Options and competition are always good," said Vystar President and CEO Brian Wolfburg. "The price of this closed market and less competition has been borne by individuals, families and small businesses in our state."
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