Bills on Mobile Banking, Thrift Lending Passed by House
Friday, February 9, 2018 10:00 AM

A bill passed by the U.S. House of Representatives this week would, if enacted, streamline the process for consumers wishing to open bank accounts online or via a mobile device. The Making Online Banking Initiation Legal and Easy Act of 2017 (MOBILE Act) will allow financial institutions to record personal information from a scanned copy of a driver's license or other personal identification card. It would also allow the institution to store the information electronically when an individual initiates an online request to open an account or obtain a financial product.

Read the bill here for additional information.