Financial Empowerment and Protection Act

The Financial Empowerment and Protection Act would require a broad set of service providers and lenders, termed “covered companies,” to permit consenting cohabitating adults to open joint accounts with each other. These joint accounts would be used to manage the covered company’s services and related bills, and both adults must consent to open the account. The bill imposes specific rules on account naming, access to information, and privacy notices, and it creates a private right of action (up to $1,000 per violation) for failures to comply. The law also adds a provision to prohibit certain early-lease termination fees for victims of domestic violence, dating violence, sexual assault, or stalking in housing programs. The act would take effect 180 days after enactment. In short, the bill aims to expand access to joint financial management for consenting non-marital adults across a wide range of service providers and credit-related activities, while also strengthening protections for victims of violence in housing.