Catherine Cortez Masto and Tim Scott Team to Help Consumers Open Bank Accounts on their Smartphones
Addressing the issue that an estimated 68 million people in the U.S. are currently unbanked or underbanked, Senators Catherine Cortez Masto (D-NV) and Tim Scott (R-SC) on Thursday introduced legislation that would allow consumers to open a bank account online using a copy of the individual’s driver’s license or personal ID card. The Making Online Banking Initiation Legal and Easy (MOBILE) Act would help to streamline the process for consumers wishing to open bank accounts electronically and ensure consumers are protected by the participating bank’s identity theft and financial fraud policies. The House passed their version of the bipartisan bill in January. Cortez Masto said, “The MOBILE Act is a twenty-first century solution to improving access to essential financial services.” Scott added, “We want to make sure that every American has the opportunity to open up a bank account and the ability to save for a better future, and this important bipartisan legislation will help millions more families sign up for banking services online.” More here.