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CBA Applauds House Passage of MOBILE Act
WASHINGTON, D.C. – The Consumer Bankers Association today commended the House of Representatives on its passage of H.R. 1457, the Making Online Banking Initiation Legal and Easy (MOBILE) Act. The bipartisan legislation provides opportunities for consumers to open bank accounts without having to visit a physical branch.
The legislation, which CBA has long supported, was introduced by Representatives Scott Tipton (CO-3), Randy Hultgren (IL-14), Patrick McHenry (NC-10), David Scott (GA-13), Terri Sewell (AL-7), and Kyrsten Sinema (AZ-9).
“Consumer banks have the capabilities and willingness to help millions of consumers, including many unbanked or underbanked Americans, gain access to banking products and services. We would like to thank Representatives Tipton, Hultgren, McHenry, Scott, Sewell, and Sinema for leading this important effort which will allow for greater consumer use of mobile and online banking methods. We hope the Senate will consider the MOBILE Act in a timely fashion,” said CBA President and CEO Richard Hunt.
Currently, banks face difficulty implementing verification processes for online and mobile banking accounts due to inconsistent state laws on swiping or copying state-issued identification cards. The MOBILE Act would streamline the process for millions of Americans wishing to open bank accounts electronically and ensure consumers are protected by the participating bank’s identity theft and financial fraud policies.