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Andrew Ackerman: Checking and savings accounts not protected by fair lending laws in U.S.

Andrew Ackerman: Checking and savings accounts not protected by fair lending laws in U.S.
Checking accounts lack fair lending protection

Checking and savings accounts are not covered by U.S. fair lending laws because they are not considered credit, according to Andrew Ackerman.

Ackerman notes that if a bank chooses not to let someone open a deposit account, or closes an account due to personal preference, it does not constitute a violation of federal law.

Andrew Ackerman has previously reported that mortgage rates are rising at their fastest pace since 2023. He has also examined how wagering on bank failures through Polymarket has raised regulatory questions in Washington. Ackerman’s recent comments come as banking activity and policy remain under close scrutiny by regulators.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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